Ranger Director Lending Fund said it had selected Ares Management to be its new investment manager.
Ares was chosen from 20 firms, which were whittled down to a shortlist of six, the fund said.
The change in management arrangement would be subject to a shareholder vote, indicating that Ranger Direct had bowed to pressure from investor Oaktree Capital for a vote to be held.
'As soon as possible hereafter a circular will be despatched to shareholders setting out the details of the proposed management arrangements and investment policy and calling a general meeting of RDL to vote on these matters,' the company said.
'The vote can be passed on a simple majority of shares voted.'
At 1:47pm: (LON:RDL) Ranger Direct Lending Fund Plc share price was -9p at 792p