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Resolute Investment to acquire majority stake in SSI Investment

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Resolute Investment to acquire majority stake in SSI Investment

Resolute Investment Managers Inc. has agreed to acquire a majority interest in SSI Investment Management Inc., the investment sub-adviser for First Trust SSI Strategic Convertible Securities ETF.

SSI Investment is responsible for portfolio management of the actively managed exchange-traded fund that seeks to provide total return by investing at least 80% of its net assets in a portfolio of U.S. and non-U.S. convertible securities.

The ETF believes that the transaction, when completed, may be considered an "assignment" of the investment sub-advisory agreement among the ETF, SSI Investment and First Trust Advisors LP, the ETF's investment adviser, which would result in its automatic termination.

First Trust Advisors and the ETF's board of trustees will evaluate the impact of the transaction on the ETF.