First Trust and WCM Shareholders Approve Fund Reorganization
First Trust and WCM Shareholders Approve Fund Reorganization
First Trust Advisors L.P. (“FTA”) and WCM Investment Management, LLC (“WCM”) have recently shared exciting news following a successful special meeting of shareholders regarding the reorganization of multiple investment funds into new offerings under the First Trust brand. This decision marks a significant milestone for the WCM Focused Global Growth Fund, WCM Developing World Equity Fund, and WCM International Equity Fund, collectively known as the Acquired Funds.
Key Details about the Special Meeting
The shareholders of each Acquired Fund convened to discuss and ultimately approve the transition of their investments into newly-created First Trust Funds. This approval signifies a collaborative effort between WCM, as the investment advisor, and FTA, highlighting a unified commitment to enhancing value for shareholders.
Understanding the Acquired Funds
The Acquired Funds involved in this reorganization include:
- WCM Focused Global Growth Fund
- WCM Developing World Equity Fund
- WCM International Equity Fund
These funds have been integral in providing growth opportunities in diverse global markets, and transitioning them into the First Trust umbrella aims to enhance their overall management and performance.
The Transition to First Trust Funds
Upon completion of the reorganization, which is projected to be tax-free, the assets and liabilities of each Acquired Fund will transfer seamlessly to their respective Acquiring Funds. The new series established under First Trust will include:
- First Trust WCM Focused Global Growth Fund
- First Trust WCM Developing World Equity ETF
- First Trust WCM International Equity ETF
These changes are designed to offer shareholders continued access to high-quality investment strategies and enhanced operational efficiency.
Timelines and Expectations
As reported, the Board of Trustees of Investment Managers Series Trust has officially approved these reorganizations. Following the satisfaction of customary closing conditions, completion is anticipated shortly, with a target date around early October. However, it is important to note that specific timing cannot be guaranteed.
About First Trust and WCM
First Trust Advisors L.P. is renowned for its comprehensive investment advisory services and manages assets totaling approximately $241 billion across various investment products such as mutual funds, ETFs, and trusts. Its affiliate, First Trust Portfolios L.P., further supports the company in distributing investment products.
WCM's Dedicated Approach
Founded in 1976 and headquartered in Laguna Beach, California, WCM Investment Management is an independent advisory firm focused on offering innovative equity investment solutions. Managing around $90.7 billion in assets, WCM brings extensive expertise to the reorganization process, ensuring that shareholders are poised to benefit from enhanced management capabilities.
Frequently Asked Questions
What is the recent announcement by First Trust and WCM?
First Trust and WCM have announced the successful reorganization of multiple funds into new offerings under the First Trust banner.
Which funds are included in the reorganization?
The funds involved in the reorganization are the WCM Focused Global Growth Fund, WCM Developing World Equity Fund, and WCM International Equity Fund.
When are the reorganizations expected to take place?
The reorganizations are anticipated to close in early October, provided all customary conditions are met.
What can shareholders expect after the reorganization?
Shareholders will receive shares of the Acquiring Funds equivalent to the net asset value of their holdings in the Acquired Funds.
Who are the key players behind these funds?
First Trust Advisors L.P. and WCM Investment Management, both have extensive experience and are dedicated to providing superior investment management services.
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