Chartwell Dividend and Income Fund Approves Bexil Advisers as Investment Manager
01 Febrero 2011 - 5:41PM
Marketwired
Chartwell Dividend and Income Fund, Inc. (NYSE: CWF) ("Fund") today
announced that Bexil Advisers LLC ("Bexil") has become its
investment manager. As announced by its former investment manager,
Chartwell Investment Partners, L.P. ("Chartwell"), the Fund's
shareholders approved this change on January 31, 2011. Bexil
assumed the role of investment manager for the Fund effective
February 1, 2011.
The Fund will join the Bexil investment company complex, which
includes two closed end funds and three open end funds managed by
affiliated registered investment advisers: CEF Advisers, Inc. and
Midas Management Corporation. CEF Advisers, Inc. provides
investment management services to two closed end funds (Global
Income Fund, Inc. and Foxby Corp.) and Midas Management Corporation
provides investment management services to three open end funds
(Midas Fund, Midas Perpetual Portfolio, and Midas Special
Fund).
The daily portfolio management of the Fund will be provided by
Bexil's Investment Policy Committee, consisting of Thomas B.
Winmill as Chairman, Bassett S. Winmill as Chief Investment
Strategist, John F. Ramirez as Director of Fixed Income, and Heidi
Keating as Vice President-Trading. The same members of the
Investment Policy Committee also manage Midas Perpetual Portfolio
and Global Income Fund. Global Income Fund has an investment
objective similar to the investment objective of the Fund.
"We are pleased to welcome Fund shareholders to the Bexil fund
complex where we believe they will benefit from the significant
resources we have dedicated to managing funds and providing service
to fund investors," said Thomas Winmill, President of Bexil. "We
have worked closely with Chartwell and the Fund board to ensure a
smooth transition that provides continuity in the investment
process and shareholder service." Mr. Winmill noted that it is
anticipated that the Fund's name will be changed to "Dividend and
Income Fund, Inc." and its ticker symbol changed to DNI.
The Fund is a closed end diversified investment management
company whose primary investment objective is to seek high current
income by investing, under normal circumstances, at least 50% of
its total assets in income-generating equity securities, including
dividend paying common stocks, convertible securities, preferred
stocks and other equity-related securities. In addition, the Fund
may invest in non-convertible debt securities, consisting primarily
of corporate bonds.
About Bexil
Bexil is a wholly owned subsidiary of Bexil Corporation
(PINKSHEETS: BXLC), a holding company. To learn more about Bexil
Corporation, including Rule 15c2-11 information, please visit
www.bexil.com. For Fund stockholder related questions, please call
212-785-0400. Certain affiliates of Bexil are engaged in stock
market and gold investing through investment management of equity
and gold mutual funds, closed end funds, and proprietary
trading.
About Chartwell
Chartwell is an employee-owned firm, founded in 1997, that is
dedicated solely to the investment advisory business. The firm is a
quality-based equity and fixed income manager with a disciplined,
team-oriented investment process. Chartwell maintains a firm-wide
commitment to fundamental research. You may visit
http://www.chartwellip.com for more information about Chartwell and
its products and services.
Safe Harbor Note
This release contains certain "forward looking statements" made
pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These statements involve known and
unknown risks, uncertainties and other factors, many of which are
beyond the control of Bexil Corporation, which may cause the
company's actual results to be materially different from those
expressed or implied by such statements. The forward looking
statements made herein are only made as of the date of this
release, and the company undertakes no obligation to publicly
update such forward looking statements to reflect subsequent events
or circumstances.
Contact: Thomas O'Malley Chief Financial Officer 1-212-785-0400,
ext. 267 Email Contact www.bexil.com
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