Deerfield Capital has announced that it has taken over management of Robeco CDO II. The CDO is backed mainly by high-yield corporate bonds and has an outstanding principal balance of around $201 million. Deerfield says it did not pay the previous manager, Robeco Investment Management, to take over the deal and says it has secured most of the management fee stream.

Deerfield, which has 31 CDOs under management and total assets under management of more than $13 billion, says it plans to take over management of additional CDOs.