A fight over who gets to run a $580 million credit fund has erupted into an unusually public Wall Street brawl, pitting claims of poor performance against accusations of a cash grab ahead of a proxy vote later this month.

The CLO fund has suffered a 50% tumble in value, fueling a power struggle that has spilled into open view. Investors are divided between those demanding new leadership to stem losses and those alleging the challenge is a self-serving maneuver by dissident shareholders.

The dispute centers on governance rights and fee structures, with both sides mobilizing ahead of the critical shareholder meeting. Performance records and management track records have become competing narratives in proxy materials circulated to investors.

Market observers note the rarity of such public acrimony in the typically opaque collateralized loan obligation space, where disputes usually settle quietly behind closed doors.