First Trust Mortgage Income Fund Announces Proposed Changes at Investment Sub-Advisor
May 17 2016 - 5:24PM
Business Wire
First Trust Mortgage Income Fund (the “Fund”) (NYSE: FMY)
announced today that it has been informed that Schroder Investment
Management North America Inc. (“Schroders”) has reached an
agreement with Brookfield Investment Management Inc.
(“Brookfield”), the Fund’s investment sub-advisor, to acquire the
Brookfield portfolio management team responsible for portfolio
management of the Fund (“Acquisition”). The consummation of the
Acquisition would be considered an “assignment” (as defined in the
Investment Company Act of 1940, as amended) of the investment
sub-advisory agreement among the Fund, Brookfield Investment
Management Inc. and First Trust Advisors L.P. (“First Trust”), the
Fund’s investment advisor, which would result in its automatic
termination. According to Schroders, the Acquisition of the Fund’s
portfolio management team is expected to be completed in the third
quarter of 2016. First Trust is currently evaluating the impact of
the Acquisition on the Fund. The Acquisition will not have any
effect on the investment management agreement between the Fund and
First Trust. First Trust has served as the Fund’s investment
manager since the Fund’s inception and will continue to serve in
such capacity following the Acquisition.
The Fund is a diversified, closed-end management investment
company that seeks to provide a high level of current income. As a
secondary objective, the Fund seeks to preserve capital. The Fund
pursues these investment objectives by investing primarily in
mortgage-backed securities representing part ownership in a pool of
either residential or commercial mortgage loans.
First Trust Advisors L.P., the Fund’s investment advisor, 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 $97 billion
as of April 30, 2016 through unit investment trusts,
exchange-traded funds, closed-end funds, mutual funds and separate
managed accounts.
The Fund’s daily closing New York Stock Exchange price and net
asset value per share as well as other information can be found at
www.ftportfolios.com or by calling 1-800-988-5891.
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version on businesswire.com: http://www.businesswire.com/news/home/20160517006679/en/
First Trust Mortgage Income FundPress Inquiries: Jeff Margolin,
630-915-6784
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