The oxidative addition of benzyl chloride to Ni(cod)2 in the presence of 1,4‐bis(2,6‐diisopropylphenyl)acenaphthenediimine followed by chloride abstraction affords [(η3‐CH2C6H5)Ni(α‐diimine)][PF6] (α‐diimine = 1,4‐bis(2,6‐diisopropylphenyl)acenaphthenediimine) in 70% yield. The complex is active in ethylene polymerization in the presence of methylaluminoxane and under mild reaction conditions. The polyethylenes obtained are highly branched, have very low densities, do not show Tm or measurable crystallinity and have molecular weights ranging from 80 × 103 to 290 × 103 g · mol−1.