The firm announced Okada’s retirement on Monday. He founded the firm over 25 years ago along with James Dondero, who will stay on to oversee the firm and its affiliates.
"We are grateful to Mark for his service, his performance, his leadership, and his personality," said Dondero. "Over our 30-year partnership, we built a lasting business that has been tested by multiple credit cycles.”
Highland Capital was an early mover in the CLO market, setting up its platform in 1996. In addition to issuing CLOs, the firm operates several funds through which it invests in CLO debt on the secondary market. In June of last year, it launched an Irish-domiciled fund aimed at European investors with an appetite for CLO paper. The Undertakings for Collective Investments in Transferable Securities (UCITS) fund aimed to generate 4%-5% returns by investing in US and European triple-B and double-B rated debt.
Okada has transferred most of his responsibilities to other Highland Capital executives in the credit research and structured products groups. He will remain at the firm in an advisory role until the end of 2019, and will retain his ownership stake in the firm following his retirement.