PHILADELPHIA, Dec. 1, 2017 /PRNewswire/ -- Avenue Income Credit
Strategies Fund (NYSE: ACP) (the "Fund"), a closed-end
fund, today announced a board-approved name change of the Fund,
which will take effect on December 1,
2017. The Fund's change of name is designed to identify the
Fund's new investment adviser, Aberdeen Asset Managers Limited
("AAML") and sub-adviser, Aberdeen Asset Management Inc. ("AAMI"),
who assume responsibility with effect from December 1, 2017, following approval of their
respective advisory and sub-advisory agreements at a Special
Meeting of Shareholders held on November
16, 2017. AAMI will also serve as the Fund's
administrator with effect from December
1, 2017. The Fund's investment objective and ticker
will remain the same. The name change is as follows:
Current Fund
Name
|
New Fund
Name
|
Ticker
|
Website
|
Avenue Income Credit
Strategies Fund
|
Aberdeen Income
Credit Strategies Fund
|
ACP
|
www.aberdeenacp.com
|
Bev Hendry, Chief Executive-
Americas, comments "closed-end investment companies have formed
part of Aberdeen's business since its inception and remain an
important element of Aberdeen Standard Investments' client base in
the United States and globally.
The Aberdeen Income Credit Strategies Fund provides investors the
ability to diversify their portfolio with our long-established
investment expertise."
With the inclusion of the Aberdeen Income Credit Strategies
Fund, Aberdeen Standard Investments manages 14 registered U.S.
closed-end funds totaling $4.3
billion in net assets.
The Fund is a closed-end investment company listed on the New
York Stock Exchange under the trading symbol "ACP" with current
total assets of approximately $198
million as of September 30,
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.
Aberdeen Asset Management PLC ("Aberdeen PLC"), the parent of
AAML and AAMI, is an independent asset manager founded in 1983 via
a management buyout. The merger of Standard Life plc and Aberdeen
PLC, announced on March 6, 2017 (the
"Merger"), closed on August 14, 2017.
Aberdeen PLC became a direct subsidiary of Standard Life plc as a
result of the Merger and the combined company changed its name to
Standard Life Aberdeen plc. 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
was completed on August 14, 2017 and,
as of that date, Aberdeen Asset Management PLC became a direct
subsidiary of Standard Life plc as a result of the Merger and the
combined company changed its name to Standard Life Aberdeen plc. As
a result of the Merger, AAML and AAMI are each an indirect
subsidiary of Standard Life Aberdeen plc. Standard Life Aberdeen
plc and its affiliates offer a comprehensive range of investment
capabilities, and overall manage worldwide assets worth
$764 billion (as of September 30, 2017) on behalf of clients in 80
countries.
Important Information
The information in this press release is for informational
purposes only and shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities , nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in contravention of
applicable law. No offer of securities shall be made except by
means of a prospectus meeting the requirements of Section 10
of the Securities Act of 1933, as amended.
Fixed income securities are subject to certain risks including,
but not limited to: interest rate (changes in interest rates may
cause a decline in the market value of an investment), credit
(changes in the financial condition of the issuer, borrower,
counterparty, or underlying collateral), prepayment (debt issuers
may repay or refinance their loans or obligations earlier than
anticipated), and extension (principal repayments may not occur as
quickly as anticipated, causing the expected maturity of a security
to increase). The Fund may utilize leverage to seek to enhance
yield, which may increase volatility of the Fund's net asset value
in both up and down markets.
Closed-end funds are traded on the secondary market through one
of the stock exchanges. The funds' investment return and principal
value will fluctuate so that an investor's shares may be worth more
or less than the original cost. Shares of closed-end funds may
trade above (a premium) or below (a discount) the net asset value
(NAV) of the fund's portfolio.
There is no assurance that the Fund will achieve its investment
objective. Past performance does not guarantee future results.
In the United States, Aberdeen
Asset Management (AAM) is the marketing name for the following
affiliated, registered investment advisers: Aberdeen Asset
Management Inc., Aberdeen Asset Managers Ltd, Aberdeen Asset
Management Ltd, Aberdeen Asset Management Asia Ltd and Aberdeen
Capital Management, LLC. Excluding Aberdeen Capital Management LLC,
each of these advisers are wholly owned by Standard Life Aberdeen
Plc. Aberdeen Capital Management, LLC is a wholly-owned
subsidiary of Aberdeen Asset Management Inc.
If you wish to receive information from or about any Fund
electronically, please contact
InvestorRelations@aberdeenstandard.com
http://cef.aberdeen-asset.us
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SOURCE Aberdeen Standard Investments