First Trust Announces Shareholder Approval of the New Investment Sub-Advisory Agreement for First Trust Enhanced Equity Income Fund

Rhea-AI Summary

First Trust Advisors announced that shareholders of the First Trust Enhanced Equity Income Fund (NYSE: FFA) approved a new investment sub-advisory agreement with Chartwell Investment Partners following a recent acquisition by Raymond James of TriState Capital Holdings, Chartwell's parent company. This change comes after Chartwell has served as the Fund's sub-advisor since September 14, 2007. As of May 31, 2022, Chartwell managed approximately $10.9 billion in assets, while FTA manages about $203 billion across various investment vehicles.

WHEATON, Ill.--(BUSINESS WIRE)-- First Trust Advisors L.P. (“FTA”) announced today that shareholders of First Trust Enhanced Equity Income Fund (NYSE: FFA) (the “Fund”), a closed-end fund, have voted to approve a new investment sub-advisory agreement with Chartwell Investment Partners, LLC (“Chartwell”). Earlier this month, Raymond James acquired substantially all the assets of TriState Capital Holdings (“TriState”), the parent company of Chartwell (the “Transaction”). The Transaction operated as an “assignment” of the Fund’s previous sub-advisory agreement with Chartwell, which automatically terminated upon the closing of the Transaction. In anticipation of the Closing, the Board of Trustees of the Fund approved a new investment sub-advisory agreement (the “New Sub-Advisory Agreement”) among the Fund, FTA and Chartwell, which was submitted to shareholders of the Fund for approval at a special meeting of shareholders.

FTA is a federally registered investment advisor and serves as the Fund’s investment advisor. 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 $203 billion as of May 31, 2022 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.

Chartwell has served as the investment sub-advisor to the Fund since September 14, 2007. Chartwell is an investment firm focusing on institutional, sub-advisory, and private client relationships. The firm is a research-based equity and fixed-income manager with a disciplined, team-oriented investment process. As of May 31, 2022, Chartwell had approximately $10.9 billion in assets under management.

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 Horizon 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,” “will” 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 a 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/or Horizon and their respective representatives only as of the date hereof. No obligation will be undertaken to publicly revise or update these forward-looking statements to reflect events and circumstances that arise after the date hereof.

The Fund’s daily closing price and net asset value per share as well as other information can be found at www.ftportfolios.com.

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First Trust Advisors L.P.

Analyst Inquiries: Jeff Margolin, 630-915-6784

Broker Inquiries: Jeff Margolin, 630-915-6784

Source: First Trust Advisors L.P.

FAQ

What is the significance of the new sub-advisory agreement for FFA?

The new sub-advisory agreement with Chartwell Investment Partners was approved by shareholders of the First Trust Enhanced Equity Income Fund (FFA), ensuring continuity in management after the acquisition of TriState Capital Holdings.

When did Chartwell begin managing the First Trust Enhanced Equity Income Fund?

Chartwell has been the investment sub-advisor for the First Trust Enhanced Equity Income Fund since September 14, 2007.

How much assets does First Trust Advisors manage?

As of May 31, 2022, First Trust Advisors manages approximately $203 billion in assets.

What happened to Chartwell after the acquisition by Raymond James?

Following the acquisition of TriState Capital Holdings by Raymond James, the previous sub-advisory agreement was automatically terminated, prompting the need for a new investment sub-advisory agreement with Chartwell.

What is the stock symbol for the First Trust Enhanced Equity Income Fund?

The stock symbol for the First Trust Enhanced Equity Income Fund is FFA.