The First Trust Specialty Finance and Financial Opportunities Fund (NYSE: FGB) announced the results of its special shareholder meeting held on August 29, 2024. Shareholders were asked to vote on a proposal to reorganize the Fund with the abrdn Total Dynamic Dividend Fund (AOD). The proposal required approval from a majority of the Fund’s outstanding voting securities, as defined by the 1940 Act. Since the proposal did not receive the necessary majority vote, it was not approved. Consequently, the Fund will continue with its current investment objectives and policies, and the Board will consider actions in the Fund’s best interest.
First Trust Advisors L.P. (FTA), the federally registered investment advisor for the Fund, oversees its management. FTA, along with its affiliate First Trust Portfolios L.P. (FTP), provides various investment services. As of July 31, 2024, FTA manages approximately $235 billion in assets through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds, and separately managed accounts. Both FTA and FTP are based in Wheaton, Illinois.
In the U.S., abrdn operates under the marketing name for its affiliated investment advisers: abrdn Inc., abrdn Investments Limited, abrdn Asia Limited, and abrdn ETFs Advisors LLC.
