RANGER Direct Lending’s (RDL) investment manager has terminated its agreement early to run the alternative finance-focused fund, which is in the process of being wound down.
Ranger Alternative Management, which manages the RDL portfolio, has said it intends to step down on 12 February 2019.
Its current arrangement was planned to finish on 1 May 2019 and the board of the company said it was now “evaluating the optimal approach for its management”.
RDL had earlier this year named Ares as a new investment manager for the fund, before the firm stepped back amid shareholder backlash.
The investment trust then announced in June that it would be closing down, amid concerns over its performance and management changes. Two of the fund’s largest shareholders, Oaktree Capital Management and LIM Advisors, had been calling for the fund to be wound down for several months.
RDL has also been embroiled in a lengthy dispute with its Princeton holding, over its exposure to bankrupt lender Argon.
It comes as RDL reported an increase in its net asset value (NAV) for a second successive month, of 0.15 per cent for September.
RDL is currently trading on a discount to NAV of 16.7 per cent.
Read more: Ranger Direct chairman resigns