FFC and FLC Announce Name Change and Appointment of Destra Capital Investments LLC as Shareholder Servicing Agent
January 28 2013 - 7:58PM
Business Wire
The Boards of Directors of Flaherty & Crumrine/Claymore
Preferred Securities Income Fund Incorporated (NYSE: FFC)
and Flaherty & Crumrine/Claymore Total Return Fund Incorporated
(NYSE: FLC) today announced that each fund has approved (1)
a change in its name and (2) the appointment of Destra Capital
Investments LLC (“Destra Capital”) as its shareholder
servicing agent effective on February 28, 2013.
Destra Capital is an independent fund distribution and servicing
firm and registered broker dealer. As part of the secondary support
services it will provide, Destra Capital will serve fund
shareholders and the broader financial community. They will also
support FFC and FLC in the U.S. financial advisor community as an
investment option for current and potential investors. Destra
Capital is headquartered in Lisle, IL and employs approximately 30
wholesale fund distribution professionals located throughout the
United States.
In connection with the servicing agent change, each fund will
change its name as follows:
- Flaherty & Crumrine/Claymore
Preferred Securities Income Fund Incorporated (FFC) will change its
name to “Flaherty & Crumrine Preferred Securities Income Fund
Incorporated”; and
- Flaherty & Crumrine/Claymore Total
Return Fund Incorporated (FLC) will change its name to “Flaherty
& Crumrine Total Return Fund Incorporated.”
Flaherty & Crumrine Incorporated will continue to act as
each fund’s investment adviser and there will be no change in
investment strategies or style as a result of the appointment of
Destra Capital as shareholder servicing agent. The funds will
continue to trade on the NYSE under their respective ticker
symbols, FFC and FLC.
FFC and FLC were organized in 2003 as closed-end, diversified
investment companies. FFC invests primarily in preferred securities
with an investment objective of high current income consistent with
preservation of capital. FLC invests primarily in preferred and
other income-producing securities with a primary investment
objective of high current income and a secondary objective of
capital appreciation. FFC and FLC are managed by Flaherty &
Crumrine Incorporated, an independent investment adviser which was
founded in 1983 to specialize in the management of portfolios of
preferred and related securities. Flaherty & Crumrine also
manages two other U.S. closed-end funds: Flaherty & Crumrine
Preferred Income Fund (NYSE: PFD); and Flaherty & Crumrine
Preferred Income Opportunity Fund (NYSE: PFO).
Website: www.fcclaymore.com
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