First Trust Advisers and Highland Capital Management have teamed up to sell a closed-end retail loan fund to Canadian investors. First Trust/Highland Capital Floating Rate Income Fund raised $185 million in an IPO. Shamash Kassam, regional v.p. of sales for First Trust, said Highland was picked to manage the fund based on its track record, institutional investor client base and the fact it is the second-largest manager of loans in the U.S. Highland, which also raised a $685 million fund called Southfork CLO earlier this month, now has over $12 billion in assets under management.