Fifth Street Asset Management is expected to appoint Nathaniel August to the company’s board of directors, pursuant to an agreement finalized between FSAM and Mangrove.

August is the founder and president of Mangrove Partners and has a background in financial analysis and an understanding of the operational, financial and strategic issues facing public companies. Prior to founding Mangrove Partners in April 2010, August was a director at White Eagle Partners, a global, value-oriented investment advisory firm, from December 2008 to January 2010.

“We are pleased that Nathaniel has agreed to be considered as a director to serve on the FSAM board,” said Leonard M. Tannenbaum, FSAM chairman and CEO. “We believe that Mangrove Partners offers an important perspective in the interest of enhancing stockholder value across the Fifth Street platform. Nathaniel would bring unique insight as well as significant financial and operational expertise as we continue to optimize performance to drive value for all stockholders.”

In connection with this announcement, the company entered into an agreement with Mangrove Partners, in which FSAM has also committed to appoint a mutually agreeable independent director to the company’s board. The complete agreement between FSAM and Mangrove Partners will be included in an 8-K filing, which will be filed with the Securities and Exchange Commission.

Fifth Street Asset Management has more than $5 billion of assets under management across two publicly-traded business development companies, Fifth Street Finance and Fifth Street Senior Floating Rate as well as multiple private investment vehicles.