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First Trust Specialty Finance and Financial Opportunities Fund (FGB) is a closed-end management investment company based in the United States. Its primary investment objective is to achieve a high level of current income, with a secondary goal of attaining a positive total return. To meet these objectives, the Fund invests at least 80% of its Managed Assets in a diversified portfolio of securities issued by specialty finance and other financial companies.
The Fund is managed by First Trust Advisors L.P., a firm with a rich history dating back to 1991. First Trust Advisors prides itself on providing trusted investment products and advisory services, aimed at helping financial advisors and their clients set and achieve long-term financial goals. The firm operates on core principles that include knowing what you own, investing for the long-term, employing discipline, re-balancing, and controlling taxes.
Recent achievements include a robust portfolio performance that aligns with their investment strategy, emphasizing income generation and capital appreciation. The Fund is continuously exploring new investment opportunities while adhering to its disciplined investment approach. Current projects focus on identifying undervalued assets in the specialty finance sector, aiming to maximize returns while managing risks effectively.
First Trust Specialty Finance and Financial Opportunities Fund collaborates with various financial institutions to enhance its investment opportunities and deliver superior results. Its products are designed to cater to both individual and institutional investors seeking reliable income and long-term growth. With an unwavering commitment to innovation, the Fund consistently offers original ideas and inventive products to meet the evolving needs of its clients.
Overall, FGB stands out as a significant player in the specialty finance market, offering investors a unique blend of income and growth potential. The Fund's disciplined approach, coupled with its strategic partnerships and robust portfolio management, makes it a compelling choice for investors looking to diversify their portfolios with specialty finance securities.
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.
First Trust Advisors announced the adjournment of the special meeting for shareholders of First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) initially held on June 18, 2024. The meeting has been rescheduled to July 11, 2024, to allow additional time for shareholder voting on the proposed reorganization with abrdn Total Dynamic Dividend Fund (AOD). Shareholders of record as of October 23, 2023, are eligible to vote. The board recommends voting in favor of the reorganization, which they believe is in the best interest of the Fund. Shareholders are encouraged to read the detailed proxy statement available online. For assistance, they can contact EQ Fund Solutions at (866) 796-7172.
First Trust Advisors (FTA) announced the adjournment of a special shareholder meeting for First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) held on May 30, 2024. The meeting will reconvene on June 18, 2024, to allow more time for shareholder voting on the proposed reorganization with abrdn Total Dynamic Dividend Fund (AOD). Shareholders of record as of October 23, 2023, are eligible to vote. The proxy materials, containing critical information on the reorganization, are available online. The FGB Board recommends voting in favor of the reorganization, which they believe is in the best interest of the Fund. FTA and its affiliate First Trust Portfolios L.P. manage around $218 billion in assets.
First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) announced an increase in its quarterly distribution to $0.10 per share, up from $0.0825, effective May 31, 2024. This represents a 21.21% increase. The distribution rate is 8.95% based on the NAV of $4.47 and 10.31% based on the market price of $3.88 as of May 10, 2024. The ex-dividend date is May 22, 2024, and the record date is May 23, 2024. A portion of this distribution may be sourced from capital gains and return of capital. The Fund aims to provide high current income and attractive total returns by investing at least 80% of its managed assets in specialty finance and financial companies. First Trust Advisors manages the Fund, boasting approximately $218 billion in assets as of April 30, 2024. Confluence Investment Management serves as the investment sub-advisor, managing $13 billion in assets as of March 31, 2024.
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