WHEATON, Ill.–(BUSINESS WIRE)–First Trust Advisors L.P. (“FTA”) announced today that the Board of Directors (the “Board”) of the First Trust Enhanced Equity Income Fund (the “Fund”) has voted to approve a new sub-investment sub-advisory agreement with Chartwell Investment Partners LLC (“Chartwell”), the Investment Sub-Advisor of the Fund, subject to shareholder approval. Chartwell`s parent company, TriState Capital Holdings (“TriState”), has entered into a definitive agreement for its acquisition by Raymond James Financial, Inc. (“Raymond James”), pursuant to which Raymond James will acquire substantially all of TriState`s assets for specific compensation (the “Transaction”), subject to regulatory requirements and other customary closing conditions. The closing of the transaction (“closing”), which is expected to occur in the second quarter of 2022, may be effected as an “assignment” (as defined in the Investment Companies Act of 1940, as amended) of the Fund`s existing sub-advisory agreement with Chartwell, which may result in the automatic termination of such agreement in accordance with its terms. Accordingly, pending closing, the Board of Directors has approved a new Investment Sub-Advisory Agreement (the “New Sub-Advisory Agreement”) between the Fund, the FTA and Chartwell. The new sub-advisory agreement will be submitted to the fund`s shareholders for approval at a special meeting of the fund`s shareholders, which will take place in the first quarter of 2022 and will be effective with the approval of those shareholders or the closing of the transaction, whichever is later. In order to avoid disruption of investment sub-advisory services if closing occurs prior to receipt of shareholder approval of the new sub-advisory agreement, the Board of Directors has also approved an interim agreement with Chartwell that would be effective upon closing and remain in effect for up to 150 days (“Interim Agreement”). The Interim Agreement and the new sub-advisory agreement would be substantially similar to the Fund`s current sub-advisory agreement. The transaction is not expected to impact the day-to-day operations of the fund and the fund`s portfolio managers will remain the same. There can be no assurance that the required percentage of the Fund`s shareholders will vote in favour of approving the new investment sub-advisory agreement. There can be a lot of “what ifs” when it comes to investing, where an investor agreement comes into play. How many shares does each investor own? How are dividends distributed? Who runs the business? These are just some of the questions that need to be answered.
If there is a disagreement between investors later, you can use an investor agreement to resolve them. This document can also allow for a fairer distribution of power, so if you are a minority shareholder, you can use an investor agreement to protect your best interests. Other names for this document: Shareholders` Agreement, Investment Agreement FTA is a registered investment advisor with the Crown and acts as the Investment Advisor of the Fund. FTA and its subsidiary First Trust Portfolios L.P. (“FTP”), an infra-registered broker-dealer, are private companies that offer a variety of investment services. FTA manages or oversees group assets of approximately $216 billion at its 30th anniversary. November 2021 via mutual funds, exchange-traded funds, closed-end funds, mutual funds and segregated managed accounts. The FTA is the supervision of the investment trusts first trust unit, while FTP is the limited partner. FTP is also a distributor of mutual fund units and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois. 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 current objectives, beliefs, plans or expectations of FTA and/or Chartwell and their respective representatives, taking into account the information currently available to them.
Forward-looking statements include all statements that are not exclusive to current or historical facts. Forward-looking statements include, for example, the use of words such as “anticipate,” “estimate,” “intend,” “expect,” “believe,” “plan,” “may,” “should,” “would,” “will,” or other words that provide uncertainty about future events or results. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Fund`s actual results, performance or achievements to differ materially from future results, performance or achievements expressed or implied by the forward-looking statements. In evaluating the information contained in this press release, we caution you not to place undue reliance on these forward-looking statements, which reflect the judgment of FTA and/or Chartwell and their respective representatives only as of the date of this press release. There is no obligation to publicly revise or update these forward-looking statements to reflect events and circumstances that occur after the date of this press release. If you enter into a business relationship that includes shares, or if you are already in such a business relationship, you can use an investor agreement to protect your fundamental interests. If. Read more First Trust Advisors L.P. Analyst Inquiries: Jeff Margolin, 630-915-6784 Broker Inquiries: Jeff Margolin, 630-915-6784. The fund`s daily closing price and net asset value per share, as well as other information, are available on www.ftportfolios.com.
Chartwell has been acting as the Fund`s investment sub-advisor since September 14, 2007. Chartwell is an investment firm focused on institutional, sub-advisory and retail relationships. The firm is a research-based equity and fixed income manager with a disciplined and team-oriented investment process. As of November 30, 2021, Chartwell had approximately $11.6 billion in assets under management. In connection with obtaining proxies to approve the new sub-advisory agreement, the Fund will file a proxy circular. Because the proxy circular will contain important information, fund shareholders are asked to carefully read the proxy circular and accompanying documents when receiving them. .