NEW YORK, Aug. 3, 2017 /PRNewswire/ -- Avenue Income
Credit Strategies Fund (NYSE: ACP; the "Fund") announced today that
its Board of Trustees has approved a new investment advisory
agreement with Aberdeen Asset Managers Limited ("AAML"), as well as
a sub-advisory agreement and an administration agreement with
Aberdeen Asset Management Inc. ("AAMI"), subject to approval by the
Fund's shareholders of the advisory and sub-advisory
agreements. If the Fund's shareholders approve the new
advisory and sub-advisory agreements, AAML and AAMI will become the
investment adviser and sub-adviser, respectively, of the Fund and
will assume responsibility for the design and implementation of the
Fund's investment program, and AAMI will become the
administrator. The advisory appointments and related changes
will not be effective unless the advisory and sub-advisory
agreements are approved by Fund shareholders. Shareholders
will be asked to consider the new advisory and sub-advisory
agreements at a special shareholder meeting that is expected to
take place in the fall of 2017, and if approved by shareholders,
the transition is planned to be completed shortly
thereafter.
Aberdeen Asset Management PLC1, the parent of AAML
and AAMI, is an independent asset manager founded in 1983, with
$385.2 billion in assets under
management ("AUM") as of March 31,
2017. Closed-end management investment companies have formed
part of Aberdeen's business since its inception and remain an
important element of its client base in the United States and globally.
The Fund is a non-diversified, closed-end management investment
company, with net assets of approximately $201 million as of July
31, 2017. The Fund's primary investment objective is
to seek a high level of current income with a secondary objective
of capital appreciation. The Fund seeks to achieve its
investment objectives by opportunistically investing primarily in
loan and debt instruments. The Fund is traded on the New York
Stock Exchange under the trading symbol "ACP."
Avenue Capital Management II, L.P. ("Avenue") currently serves
as the Fund's investment adviser. Avenue and its affiliates
currently manage approximately $9.6
billion in AUM as of June 30,
2017. Pending the transition in the fall of 2017, the Fund
will continue to be managed by Avenue as it is currently managed
and administered by its current administrator.
In connection with the proposal to approve the new advisory and
sub-advisory agreements, the Fund intends to file a definitive
proxy statement with the Securities and Exchange Commission (the
"SEC"). Investors and shareholders are advised to read the
proxy statement when it becomes available because it will contain
important information. When filed with the SEC, the proxy
statement and other documents filed by the Fund will become
available for free on the SEC website, www.sec.gov. Copies of the
proxy statement will also be mailed to each shareholder of record
as of the record date for the shareholder meeting.
For more information please call: 1-877-525-7330.
This press release may contain statements regarding plans and
expectations for the future that constitute forward-looking
statements within the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact are
forward-looking and can be identified by the use of words such as
"may," "will," "expect," "anticipate," "estimate," "believe,"
"continue" or other similar words. Such forward-looking statements
are based on the Fund's current plans and expectations, and are
subject to risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. Additional information concerning such risks and
uncertainties are contained in the Fund's filings with the SEC.
1 On March 6, 2017, the
Boards of Standard Life plc and Aberdeen Asset Management PLC
announced that they had reached an agreement on the terms of a
recommended all-share merger (the "Merger"). The Merger is expected
to occur in mid-August 2017, subject
to various conditions and terms. The Merger is not expected to
impact the proposed portfolio management teams, the proposed
services that would be provided under the Agreements, or the
proposed fees. The same entities, AAML and AAMI, would continue to
provide the same services following the Merger.
View original content with
multimedia:http://www.prnewswire.com/news-releases/avenue-income-credit-strategies-fund-announces-board-approval-of-new-advisory-agreement-300499527.html
SOURCE Avenue Capital Management II, L.P.