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First Trust Specialty Finance (FGB) provides investors with focused exposure to specialty finance sectors through its closed-end fund structure. This news hub offers essential updates for monitoring the company's financial position and strategic direction.
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First Trust Advisors L.P. (FTA) has announced the adjournment of a special shareholders meeting for First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB). The meeting, originally held on April 21, 2025, will reconvene on May 5, 2025, to allow additional time for shareholders to vote on the proposed reorganization with FT Confluence BDC & Specialty Finance Income ETF (FBDC).
Shareholders of record as of January 10, 2025, are eligible to vote. If approved, the reorganization is expected to complete before the end of 2025. FTA currently manages approximately $258 billion in assets as of March 31, 2025. The sub-advisor, Confluence Investment Management , manages $12.7 billion in assets, with $7.3 billion under management and $5.4 billion under advisement as of December 31, 2024.
First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) has announced the mailing of proxy materials for a proposed reorganization with FT Confluence BDC & Specialty Finance Income ETF, a newly formed ETF series. Shareholders of record as of January 10, 2025, will vote on the reorganization at a special meeting scheduled for April 21, 2025, at 12:00 p.m. Central time.
First Trust Advisors L.P. (FTA), the fund's investment advisor, manages approximately $266 billion in assets as of January 31, 2025. The fund's sub-advisor, Confluence Investment Management , oversees $12.7 billion in total assets ($7.3B under management, $5.4B under advisement) as of December 31, 2024.
First Trust Specialty Finance and Financial Opportunities Fund (FGB) has announced its quarterly distribution of $0.10 per share, payable on February 28, 2025, to shareholders of record as of February 24, 2025. Based on February 7, 2025 figures, this represents a distribution rate of 8.73% on NAV ($4.58) and 8.99% on market price ($4.45).
The Fund is a diversified, closed-end management investment company seeking high current income and attractive total return. It invests at least 80% of managed assets in specialty finance and financial companies' securities. First Trust Advisors L.P. serves as investment advisor with approximately $256 billion in assets under management as of December 31, 2024. Confluence Investment Management acts as sub-advisor, managing $12.7 billion in total assets.
First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) has announced a quarterly distribution of $0.10 per share, payable on December 2, 2024, to shareholders of record as of November 22, 2024. Based on the November 11, 2024 NAV of $4.36, the distribution rate is 9.17%, while based on the closing market price of $4.17, it's 9.59%. The Fund is a diversified, closed-end management investment company focusing on specialty finance and financial companies, with FTA managing approximately $245 billion in assets and Confluence serving as sub-advisor with $13.1 billion in assets under management.
First Trust Advisors L.P. (FTA) announced that the Board of Trustees of First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) has approved its reorganization into an actively managed ETF. The new ETF, FT Confluence BDC & Specialty Finance Income ETF, will be managed by FTA and sub-advised by Confluence Investment Management
The reorganization, expected to be tax-free, will transfer FGB's assets and liabilities to the new ETF, with shareholders receiving equivalent value in new ETF shares. The process is anticipated to be completed in 2025, subject to shareholder approval and regulatory requirements. FGB's 2024 annual shareholder meeting is set for November 12, 2024, with a separate special meeting planned to consider the reorganization.
First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) announced the results of its special meeting of shareholders held on August 29, 2024. Shareholders were asked to vote on the proposed reorganization of FGB with and into abrdn Total Dynamic Dividend Fund (AOD). The proposal required a majority vote of FGB's outstanding voting securities but failed to secure the necessary support. As a result, FGB will continue to operate independently, pursuing its current investment objectives and policies. The Fund's Board will determine future actions in the best interest of FGB. First Trust Advisors L.P. (FTA), FGB's investment advisor, manages approximately $235 billion in assets as of July 31, 2024, across various investment products.
First Trust Advisors (FTA) announced the adjournment of a special shareholder meeting for the reorganization of the First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) with abrdn Total Dynamic Dividend Fund (AOD). Initially held on August 22, 2024, the meeting will reconvene on August 29, 2024, at 1:00 PM Central time in Wheaton, Illinois. This adjournment allows more time for shareholders to vote. Shareholders of record as of October 23, 2023, are entitled to vote. The proxy statement, containing details about the reorganization, is available online. The Board recommends voting 'FOR' the reorganization, which they believe is in the Fund's best interests.
First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) has declared a quarterly distribution of $0.10 per share, payable on August 30, 2024, to shareholders of record as of August 22, 2024. The distribution rate is 9.55% based on the August 9, 2024 NAV of $4.19, and 10.39% based on the closing market price of $3.85. The Fund seeks to provide high current income and attractive total return by investing in specialty finance and financial companies. As of July 31, 2024, First Trust Advisors L.P., the Fund's investment advisor, had approximately $235 billion in assets under management or supervision. Confluence Investment Management serves as the Fund's sub-advisor, with $12.2 billion in assets under management and advisement as of June 30, 2024.
First Trust Advisors L.P. announced the adjournment of the special meeting of shareholders for First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB). The meeting, originally held on July 25, 2024, will reconvene on August 22, 2024 to allow additional time for shareholders to vote on the proposed reorganization of FGB with and into abrdn Total Dynamic Dividend Fund (AOD).
Shareholders of record as of October 23, 2023, are eligible to vote. The Fund's Board of Trustees recommends voting 'FOR' the reorganization, believing it to be in the best interests of the Fund. Shareholders can vote using methods described in the previously mailed proxy materials. For questions or voting assistance, shareholders can contact EQ Fund Solutions, at (866) 796-7172.
First Trust Advisors L.P. (FTA) announced the adjournment of a special meeting of shareholders for the First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB). The meeting, originally held on July 11, 2024, has been rescheduled to July 25, 2024, at 1:00 PM Central time to allow additional time for shareholder voting regarding the proposed reorganization of the Fund with and into the abrdn Total Dynamic Dividend Fund (AOD).
The Board of Trustees recommends voting 'FOR' the reorganization, which they believe is in the best interest of the Fund. Shareholders of record as of October 23, 2023, are entitled to vote. Voting options are detailed in previously mailed proxy materials, also available online. FTA manages approximately $228 billion in assets as of June 30, 2024.
