First Trust SSI Strategic Convertible Securities ETF Notified of Upcoming Acquisition of its Investment Sub-Advisor
10 Janvier 2019 - 10:16PM
Business Wire
First Trust SSI Strategic Convertible Securities ETF (the
“Fund”) (Nasdaq: FCVT), a series of First Trust Exchange-Traded
Fund IV (the “Trust”), announced today that it has been informed
that Resolute Investment Managers, Inc. has announced an agreement
to acquire a majority interest in SSI Investment Management Inc.
(“SSI”), the Fund’s investment sub-advisor responsible for
portfolio management of the Fund (the “Transaction”). Based upon
information provided to the Fund, the Fund believes that the
consummation of the Transaction may be considered an “assignment”
(as defined in the Investment Company Act of 1940, as amended) of
the investment sub-advisory agreement among the Fund, SSI and First
Trust Advisors L.P. (“First Trust”), the Fund’s investment advisor,
which would result in its automatic termination. First Trust and
the Fund’s Board of Trustees will evaluate the impact of the
Transaction on the Fund.
The Fund is an actively managed exchange-traded fund that seeks
to provide total return by investing at least 80% of its net assets
in a portfolio of U.S. and non-U.S. convertible securities.
First Trust is a federally registered investment advisor and
serves as the Fund’s investment advisor. First Trust 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. First Trust has collective assets under
management or supervision of approximately $113 billion as of
December 31, 2018 through unit investment trusts, exchange-traded
funds, closed-end funds, mutual funds and separate managed
accounts. First Trust 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. First Trust and FTP are based in Wheaton, Illinois.
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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