- The special meeting for the reorganization of First Trust Specialty Finance and Financial Opportunities Fund (FGB, Financial) has been adjourned to May 5, 2025.
- The reorganization proposal involves merging FGB with FT Confluence BDC & Specialty Finance Income ETF (FBDC).
- Shareholders of record as of January 10, 2025, are eligible to vote, with the reorganization expected to complete before the end of 2025 if approved.
First Trust Advisors L.P. (FTA) has announced the adjournment of a special shareholder meeting for the First Trust Specialty Finance and Financial Opportunities Fund (FGB). Originally scheduled for April 21, 2025, the meeting will now reconvene on May 5, 2025. The delay provides additional time for shareholder voting on the proposed reorganization into FT Confluence BDC & Specialty Finance Income ETF (FBDC). Shareholders who were registered by January 10, 2025, are eligible to participate in the vote.
The proposed reorganization would transition FGB from a closed-end fund to an exchange-traded fund (ETF), with expectations for completion by the end of 2025 if shareholders approve. The Board of Trustees has recommended a vote in favor of the merger, highlighting potential benefits without specific details.
Sub-advisor Confluence Investment Management continues its role, managing $12.7 billion in assets. The firm boasts over 600 years of combined financial experience, indicating stable management continuity for the new ETF. As of March 31, 2025, FTA oversees about $258 billion in assets, emphasizing their robust asset management capabilities.
The meeting adjournment signals a strategic pause to ensure adequate shareholder support for the change, which could affect FGB's trading dynamics, liquidity, and valuation. Investors are encouraged to review the proxy statement and participate in the vote to shape the fund's future.
