First Trust Announces Adjournment of Special Shareholder Meeting to Approve New Investment Sub-Advisory Agreements with Chart...
June 10 2014 - 8:00AM
Business Wire
First Trust Advisors L.P. (“FTA”) announced that the joint
special meeting of shareholders of First Trust Dividend and Income
Fund (NYSE: FAV) and First Trust Enhanced Equity Income Fund (NYSE:
FFA) (each, a “Fund”) has been adjourned in order to allow
shareholders additional time to vote on a new investment
sub-advisory agreement for each Fund with FTA and Chartwell
Investment Partners, Inc. (“New Chartwell”) and permit additional
solicitation of shareholders. The shareholder meeting will
reconvene on Wednesday, July 2, 2014 at the offices of FTA at 4:00
p.m. Central time.
On January 8, 2014, FTA 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. New Chartwell currently
provides sub-advisory services to each Fund under an interim
sub-advisory agreement. A new investment sub-advisory agreement is
being submitted to shareholders of each Fund for approval at the
joint special meeting of shareholders that would take effect upon
shareholder approval. There can be no assurance that the necessary
percentage of the shareholders of a Fund will vote 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
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