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Rating:A Midwestern Fund Chief Buys Out One Backer Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, October 13, 2010

A Midwestern Fund Chief Buys Out One Backer

Reported by Neil Anderson, Managing Editor

First Trust Advisors' [see profile] chief just took over one of its two backers. Yesterday the Wheaton, Illinois-based ETF firm revealed that FTA president James Bowen bought 100 percent of the voting stock of FTA's general partner, the Charger Corporation. (FTA also has a single limited partner behind it.) The terms of the deal were not disclosed.

Thanks to the deal, First Trusts' fund boards re-approved the firm as the funds' advisor on an interim basis, up to 150 days once the deal closes. FTA expects the funds to hold shareholder meetings to approve revised investment management agreements in December.

First Trust works with more than $36 billion in assets, inside of ETFs and regular mutual funds, as well as closed-end funds, separately managed accounts and unit investment trusts.


Company Press Release

WHEATON, Ill., Oct 12, 2010 -- First Trust Advisors L.P. ("FTA"), an investment advisor registered with the SEC, announced today that James A. Bowen, its President, acquired 100% of the voting stock of The Charger Corporation, the general partner of FTA (the "Transaction"). FTA is a limited partnership with one limited partner and one general partner (The Charger Corporation). The Transaction is not expected to impact the day-to-day operations of any of the Funds or FTA. The consummation of the Transaction is deemed to be an "assignment" (as defined in the Investment Company Act of 1940, as amended) of the investment management agreements and, if applicable, the investment sub-advisory agreements, for each Fund in the First Trust Fund Complex and resulted in the automatic termination of the agreements. The names of the Funds are set forth below.

The Board of Trustees of each Fund, except as described below, has approved an interim investment management agreement with FTA and, if applicable, an interim investment sub-advisory agreement, which were entered into effective upon the closing of the Transaction and will be in effect for a maximum period of 150 days. New investment management agreements with FTA and, if applicable, new investment sub-advisory agreements have been approved by the Board of Trustees of each Fund and will be submitted to shareholders of each Fund as of the record date (September 30, 2010) for approval and will take effect upon such shareholder approval. A special shareholder meeting of each Fund to vote on a proposal to approve the new investment management and, if applicable, the new investment sub-advisory agreement, is expected to be held in December, 2010.

FIRST TRUST CLOSED-END FUNDS

  • Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund (MFD)

  • First Trust/Four Corners Senior Floating Rate Income Fund II (FCT)

  • Energy Income and Growth Fund (FEN)

  • First Trust Enhanced Equity Income Fund (FFA)

  • First Trust/Aberdeen Global Opportunity Income Fund (FAM)

  • First Trust/FIDAC Mortgage Income Fund (FMY)

  • First Trust Strategic High Income Fund (FHI)

  • First Trust Strategic High Income Fund II (FHY)

  • First Trust/Aberdeen Emerging Opportunity Fund (FEO)

  • First Trust Strategic High Income Fund III (FHO)

  • First Trust Specialty Finance and Financial Opportunities Fund (FGB)

  • First Trust Active Dividend Income Fund (FAV)

  • First Trust High Income Long/Short Fund (FSD)

    FIRST TRUST EXCHANGE-TRADED FUND
  • First Trust Strategic Value Index Fund (FDV)

  • First Trust Dow Jones Internet Index(SM) Fund (FDN)

  • First Trust Dow Jones Select MicroCap Index(SM) Fund (FDM)

  • First Trust ISE Chindia Index Fund (FNI)

  • First Trust ISE-Revere Natural Gas Index Fund (FCG)

  • First Trust ISE Water Index Fund (FIW)

  • First Trust Morningstar(R) Dividend Leaders(SM)Index Fund (FDL)

  • First Trust NASDAQ-100 Equal Weighted Index(SM) Fund (QQEW)

  • First Trust NASDAQ-100 Ex-Technology Sector Index(SM) Fund (QQXT)

  • First Trust NASDAQ-100-Technology Sector Index(SM) Fund (QTEC)

  • First Trust NASDAQ(R) ABA Community Bank Index Fund (QABA)

  • First Trust NASDAQ(R) Clean Edge(R) Green Energy Index Fund (QCLN)

  • First Trust NYSE Arca Biotechnology Index Fund (FBT)

  • First Trust S&P REIT Index Fund (FRI)

  • First Trust US IPO Index Fund (FPX)

  • First Trust Value Line(R) 100 Exchange-Traded Fund (FVL)

  • First Trust Value Line(R) Dividend Index Fund (FVD)

  • First Trust Value Line(R) Equity Allocation Index Fund (FVI)

    FIRST TRUST EXCHANGE-TRADED FUND II

  • First Trust BICK Index Fund (BICK)

  • First Trust Dow Jones Global Select Dividend Index Fund (FGD)

  • First Trust STOXX(R) European Select Dividend Index Fund (FDD)

  • First Trust FTSE EPRA/NAREIT Developed Markets Real Estate Index Fund (FFR)

  • First Trust ISE Global Copper Index Fund (CU)

  • First Trust ISE Global Engineering and Construction Index Fund (FLM)

  • First Trust ISE Global Platinum Index Fund (PLTM)

  • First Trust ISE Global Wind Energy Index Fund (FAN)

  • First Trust NASDAQ(R) Clean Edge(R) Smart Grid Infrastructure Index Fund (GRID)

    FIRST TRUST EXCHANGE-TRADED ALPHADEX(R) FUND

  • First Trust Consumer Discretionary AlphaDEX(R) Fund (FXD)

  • First Trust Consumer Staples AlphaDEX(R) Fund (FXG)

  • First Trust Energy AlphaDEX(R) Fund (FXN)

  • First Trust Financials AlphaDEX(R) Fund (FXO)

  • First Trust Health Care AlphaDEX(R) Fund (FXH)

  • First Trust Industrials/Producer Durables AlphaDEX(R) Fund (FXR)

  • First Trust Materials AlphaDEX(R) Fund (FXZ)

  • First Trust Technology AlphaDEX(R) Fund (FXL)

  • First Trust Utilities AlphaDEX(R) Fund (FXU)

  • First Trust Large Cap Core AlphaDEX(R) Fund (FEX)

  • First Trust Mid Cap Core AlphaDEX(R) Fund (FNX)

  • First Trust Small Cap Core AlphaDEX(R) Fund (FYX)

  • First Trust Large Cap Value Opportunities AlphaDEX(R) Fund (FTA)

  • First Trust Large Cap Growth Opportunities AlphaDEX(R) Fund (FTC)

  • First Trust Multi Cap Value AlphaDEX(R) Fund (FAB)

  • First Trust Multi Cap Growth AlphaDEX(R) Fund (FAD)

    FIRST DEFINED PORTFOLIO FUND, LLC

  • Target Managed VIP Portfolio

  • The Dow(R) DART 10 Portfolio

  • The Dow(R) Target Dividend Portfolio

  • Global Dividend Target 15 Portfolio

  • S&P(R) Target 24 Portfolio

  • NASDAQ(R) Target 15 Portfolio

  • First Trust Target Focus Four Portfolio

  • Value Line(R) Target 25 Portfolio

    First Trust High Income Long/Short Fund completed its initial public offering on September 30, 2010 and approval by current shareholders of this Fund is not required.

    FTA also announced that First Trust/Four Corners Senior Floating Rate Income Fund II will change its name to "First Trust Senior Floating Rate Income Fund II," effective today and will continue to trade under the same ticker symbol "FCT." As previously announced, the Leveraged Finance Investment Group of FTA has, effective today, taken over day-to-day responsibility for management of the Fund's portfolio. As a result, no interim sub-advisory agreement has been entered into for FCT.

    FTA and its affiliate First Trust Portfolios L.P. ("FTP") are privately-held companies which provide a variety of investment services, including asset management, financial advisory services, and municipal and corporate investment banking, with collective assets under management or supervision of over $36 billion as of September 30, 2010 through closed-end funds, unit investment trusts, mutual funds, separate managed accounts and exchange-traded funds.

    SOURCE: First Trust Advisors L.P. 

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