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First Trust SSI Strategic Convertible Securities ETF - $FCVT STOCK NEWS

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Rhea-AI Summary
First Trust Advisors L.P. announces shareholder approval of a new investment sub-advisory agreement and 'Manager of Managers' structure for First Trust SSI Strategic Convertible Securities ETF (Nasdaq: FCVT). The agreement involves SSI Investment Management continuing as the investment sub-advisor, with Resolute Investment Managers, Inc. having a majority ownership interest in SSI. The 'Manager of Managers' structure allows FTA to appoint and replace affiliated and unaffiliated investment sub-advisors without shareholder approval. SSI, with approximately $2.0 billion in assets under management, specializes in alternative investment solutions utilizing convertible assets, equity securities, and hedging strategies. FTA and FTP collectively manage assets of approximately $226 billion through various investment vehicles. The press release emphasizes that the information provided is not intended as investment advice.
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Rhea-AI Summary
First Trust Advisors announces approval of new investment sub-advisory agreement with SSI for First Trust SSI Strategic Convertible Securities ETF (FCVT). Transaction expected to close in Q4 2023. SSI manages $1.97 billion in assets. Fund's day-to-day operations not expected to be impacted. Board also approves interim sub-advisory agreement effective upon closing for a maximum of 150 days.
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First Trust SSI Strategic Convertible Securities ETF

Nasdaq:FCVT

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2.30M
United States of America