CDO specialist firm acquired

Highland Capital Management acquired ING Capital Management from ING Group's wholesale banking division, said Jack Yang, a partner at Highland. Terms were not disclosed. ING Capital manages collateralized loan obligations in Europe and is the investment adviser for the Copernicus Euro CDO I and Copernicus Euro CDO II funds. The acquisition is part of "a long-term and strategic business initiative for us to have a footprint and capability as the European credit markets continue to grow and develop," Mr. Yang said. ING Capital, Highland's first subsidiary in Europe, has 650 million euros ($834.7 million) in assets under management and is being renamed Highland Capital Management Europe. Highland has $14 billion in assets under management.