First Trust Announces Adjournment of Special Shareholder Meeting to Approve New Investment Sub-Advisory Agreement with SSI In...
24 Junio 2019 - 3:14PM
Business Wire
First Trust Advisors L.P. (“FTA”) announced today that the
special meeting of shareholders of First Trust SSI Strategic
Convertible Securities ETF (Nasdaq: FCVT) (the “Fund”), a series of
First Trust Exchange-Traded Fund IV (the “Trust”), has been
adjourned in order to allow shareholders additional time to vote on
a new investment sub-advisory agreement for the Fund and to permit
additional solicitation of shareholders. The shareholder meeting
will reconvene on Thursday, July 11, 2019 at 12:00 p.m. Central
time at the offices of FTA at 120 East Liberty Drive, Suite 400, in
Wheaton, Illinois.
FTA previously announced that SSI Investment Management Inc.
(“SSI Inc.”) intended to engage in an internal reorganization
pursuant to which it would create a subsidiary, SSI Investment
Management LLC (“SSI LLC”), and transfer its advisory business to
SSI LLC. Such transfer has occurred and, effective June 1, 2019,
Resolute Investment Managers, Inc. (“Resolute”) acquired a majority
interest in SSI LLC (the “Transaction”). The acquisition of the
interests in SSI LLC by Resolute was expected to be considered an
“assignment” (as defined in the Investment Company Act of 1940, as
amended) resulting in the termination of the then-existing
investment sub-advisory agreement among the Trust, FTA and SSI Inc.
(the “Prior Sub-Advisory Agreement”), in accordance with the terms
of such Prior Sub-Advisory Agreement. To avoid any interruption of
services, the Board of Trustees (“Board”) of the Trust approved an
interim sub-advisory agreement for the Fund among the Trust, FTA
and SSI LLC which has been in effect since the closing of the
Transaction and will remain in effect, in general terms, (a) for
150 days following the closing of the Transaction, (b) until
shareholders approve the New Agreement (defined below), or (c)
unless sooner terminated as provided by the terms of the interim
sub-advisory agreement, whichever occurs first. In light of the
Transaction, the Board also approved a new investment sub-advisory
agreement (the “New Agreement”) for the Fund among the Trust, FTA
and SSI LLC. The New Agreement has been submitted to shareholders
of the Fund for approval and will take effect upon such shareholder
approval. There can be no assurance that the necessary percentage
of the shareholders of the Fund will vote to approve the New
Agreement.
The Fund is an actively managed exchange-traded fund that seeks
total return as its investment objective by investing, under normal
market conditions, at least 80% of its net assets (including
investment borrowings) in a portfolio of U.S. and non-U.S.
convertible securities.
FTA has served as the Fund’s investment advisor since the Fund’s
inception. FTA and its affiliate, First Trust Portfolios L.P.
(“FTP”), a FINRA registered broker-dealer, are privately-held
companies that provide a variety of investment services. FTA has
collective assets under management or supervision of approximately
$126 billion as of May 31, 2019 through unit investment trusts,
exchange-traded funds, closed-end funds, mutual funds and separate
managed accounts. FTA is the supervisor of the First Trust unit
investment trusts, while FTP is the sponsor. FTP is also a
distributor of mutual fund shares and exchange-traded fund creation
units. FTA and FTP are based in Wheaton, Illinois.
SSI LLC is an investment management firm and as the sub-advisor
to the Fund, SSI LLC is responsible for the selection and ongoing
monitoring of the securities in the Fund’s investment portfolio.
SSI LLC specializes in alternative investment solutions utilizing
convertible assets, equity securities and hedging strategies. SSI
was formed in 1973 and serves as investment advisor to investment
portfolios with approximately $1.9 billion in assets which it
managed as of May 31, 2019. SSI LLC provides investment advisory
services to pension and profit-sharing plans, corporations,
foundations and endowments, Taft-Hartley plans, family offices,
insurance companies, public funds, high-net worth individuals,
private investment vehicles, religious organizations and mutual
funds.
This press release contains certain forward-looking statements
within the meaning of the Securities Act of 1933, as amended, and
the Securities Exchange Act of 1934, as amended. Forward-looking
statements include statements regarding the goals, beliefs, plans
or current expectations of FTA and/or SSI LLC and their respective
representatives, taking into account the information currently
available to them. Forward-looking statements include all
statements that do not relate solely to current or historical fact.
For example, forward-looking statements include the use of words
such as “anticipate,” “estimate,” “intend,” “expect,” “believe,”
“plan,” “may,” “should,” “would” or other words that convey
uncertainty of future events or outcomes. Forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of the Fund to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. When evaluating the information
included in this press release, you are cautioned not to place
undue reliance on these forward-looking statements, which reflect
the judgment of FTA and SSI LLC and their respective
representatives only as of the date hereof. We undertake no
obligation to publicly revise or update these forward-looking
statements to reflect events and circumstances that arise after the
date hereof.
In connection with the solicitation of proxies to approve the
New Agreement, the Fund has filed a proxy statement. Because the
proxy statement contains important information, the Fund’s
shareholders are urged to read the proxy statement and accompanying
materials carefully. The Fund’s shareholders are also able to
obtain copies of these documents and other transaction-related
documents by calling FTA toll-free at 800-621-1675. The proxy
statement is available free of charge at the website of the
Securities and Exchange Commission (“SEC”), www.sec.gov. The
foregoing is not an offer to sell, nor a solicitation of an offer
to buy, shares of the Fund, nor is it a solicitation of any proxy.
The Fund, FTA, SSI LLC and certain of their respective
directors/trustees, officers and affiliates may be deemed under the
rules of the SEC to be participants in the solicitation of proxies
from shareholders in connection with the matters described above.
Information about the trustees and officers of the Fund may be
found in its annual report previously filed with the SEC.
The Fund’s daily closing 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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First Trust Advisors L.P. Press Inquiries Ryan Issakainen
630-765-8689 Broker Inquiries Sales Team 866-848-9727 Analyst
Inquiries Chris Fallow 630-517-7628
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