WHEATON, Ill. & LAGUNA BEACH, Calif.--(BUSINESS WIRE)--First Trust Advisors L.P. (“FTA”) and WCM Investment Management, LLC (“WCM”) jointly announced today the results of the special meeting of shareholders of WCM Focused Global Growth Fund (“WCM Global”), WCM Developing World Equity Fund (“WCM Developing World”) and WCM International Equity Fund (“WCM International Equity” and, together with WCM Global and WCM Developing World, the “Acquired Funds” and each, an “Acquired Fund”) held on September 27, 2024.
Based on the recommendation of WCM, the investment advisor of each Acquired Fund, the shareholders of each Acquired Fund have approved the reorganization of each Acquired Fund into a corresponding newly-created series of a First Trust trust (each, an “Acquiring Fund”), as noted in the table below (each, a “Reorganization”).
Acquired Funds |
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Acquiring Funds |
WCM Focused Global Growth Fund |
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First Trust WCM Focused Global Growth Fund (a series of First Trust Series Fund) |
WCM Developing World Equity Fund |
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First Trust WCM Developing World Equity ETF (a series of First Trust Exchange-Traded Fund) |
WCM International Equity Fund |
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First Trust WCM International Equity ETF (a series of First Trust Exchange-Traded Fund) |
As previously announced, the Reorganizations were approved by the Board of Trustees of Investment Managers Series Trust. Subject to the satisfaction of certain customary closing conditions, the Reorganizations are expected to close on October 4, 2024, or as soon as practicable thereafter. No assurance can be given as to the exact closing of the Reorganizations. Upon the completion of the Reorganizations, which are expected to be tax-free, the assets of each Acquired Fund will be transferred to, and the liabilities of each Acquired Fund will be assumed by, the Acquiring Fund as noted in the table above. The shareholders of each Acquired Fund will receive shares of its Acquiring Fund with a value equal to the aggregate net asset value of the shares of such Acquired Fund held by them.
FTA is a federally registered investment advisor and serves as the investment advisor of the Fund. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $241 billion as of August 31, 2024, through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.
WCM is an independent investment advisory firm, registered with the SEC that specializes in providing innovative, equity investment advisory services. Founded in 1976 and based in Laguna Beach, California, WCM has assets under management of approximately $90.7 billion as of June 30, 2024.
Additional Information / Forward-Looking Statements
This press release is not intended to, and shall not, constitute an offer to purchase or sell shares of any Acquiring Fund. An investor should carefully consider the investment objectives, risks, charges and expenses of an Acquiring Fund before investing.
Certain statements made in this news release that are not historical facts are referred to as “forward-looking statements” under the U.S. federal securities laws. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the historical experience of FTA and the funds managed by FTA and its present expectations or projections. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FTA, the Fund and the Acquiring Funds undertake no responsibility to update publicly or revise any forward-looking statements.
