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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.
First Trust Advisors L.P. announced the Board of Trustees of the First Trust Enhanced Equity Income Fund approved a new investment sub-advisory agreement with Chartwell Investment Partners LLC, pending shareholder approval. This decision is in anticipation of TriState Capital Holdings' acquisition by Raymond James Financial, expected to close in Q2 2022. An interim agreement will be in place to ensure continuity of services. The Fund, which has $216 billion in assets under management, is not expected to see day-to-day operations impacted by this transition.
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