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Bailey McCann, Opalesque New York:

Mark Okada is retiring from Highland Capital Management a firm he co-founded with Jim Dondero in 1993. Okada will assume a senior advisory role through the end of the year to support transition activities. He will retain his ownership stake following his retirement from the firm.

Dondero will continue to oversee the management of Highland and all affiliated businesses, and will take over as co-chief investment officer following Okada's retirement.

Okada has already transitioned a number of responsibilities in recent years to senior leadership on the credit research and structured products teams, as well as to co-chief investment officer Joe Sowin, who oversees day-to-day investment activities across the Highland platform.

News of Okada's retirement comes after the firm said earlier this year that it did not have enough cash on hand to make a $175 million payment to investors in its shuttered hedge fund. Highland reported an AUM of $15 billion around the same period.

"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. Mark helped shape Highland and position the firm for future gr......................

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