First Trust Announces Shareholder Approval of New Investment Sub-Advisory Agreements with Chartwell Investment Partners, Inc....
July 02 2014 - 5:36PM
Business Wire
First Trust Advisors L.P. (“FTA”) announced today that the
shareholders of each of First Trust Dividend and Income Fund
(NYSE: FAV) and First Trust Enhanced Equity Income Fund
(NYSE: FFA) (each, a “Fund”) have voted to approve a new
investment sub-advisory agreement with Chartwell Investment
Partners, Inc. (“New Chartwell”).
FTA previously announced that the Funds’ investment sub-advisor,
Chartwell Investment Partners, L.P. (“Old Chartwell”; Old Chartwell
and New Chartwell are referred to collectively as “Chartwell”), had
entered into a definitive asset-purchase agreement with TriState
Capital Holdings, Inc. (“TriState”) (NYSE: TSC) whereby TriState
would acquire substantially all of the assets of Old Chartwell (the
“Transaction”). The Transaction closed during the first quarter of
2014. The consummation of the Transaction was deemed to be an
“assignment” (as defined in the Investment Company Act of 1940, as
amended) of the respective sub-advisory agreement among each Fund,
FTA and Old Chartwell, which resulted in the automatic termination
of each agreement. A new investment sub-advisory agreement among
each Fund, FTA and New Chartwell was submitted to shareholders of
each Fund for approval, and the necessary percentage of
shareholders of each Fund has voted to approve its new investment
sub-advisory agreement.
FTA has served as each Fund’s investment advisor since each
Fund’s inception. FTA along with its affiliate, First Trust
Portfolios L.P., are privately-held companies which provide a
variety of investment services, including asset management and
financial advisory services, with collective assets under
management or supervision of approximately $94 billion as of May
31, 2014, through unit investment trusts, exchange-traded funds,
closed-end funds, mutual funds and separately managed accounts.
Chartwell has served as the investment sub-advisor to the First
Trust Dividend and Income Fund since July 1, 2013, and the First
Trust Enhanced Equity Income Fund since September 14, 2007. The
firm focuses on institutional, sub-advisory, and private client
relationships and is a research-based equity and fixed-income
manager with a disciplined, team-oriented investment process. At
May 31, 2014, Chartwell had approximately $7.7 billion in assets
under management.
First Trust Advisors L.P.Press Inquiries: Jane Doyle,
630-765-8775Analyst Inquiries: Jeff Margolin, 630-915-6784Broker
Inquiries: Jeff Margolin, 630-915-6784
First Trust Dividend And Income Fund of Beneficial Interest (NYSE:FAV)
Historical Stock Chart
From Sep 2024 to Oct 2024
First Trust Dividend And Income Fund of Beneficial Interest (NYSE:FAV)
Historical Stock Chart
From Oct 2023 to Oct 2024