NEW YORK, Nov. 16, 2017 /PRNewswire/ -- The Avenue
Income Credit Strategies Fund (NYSE: ACP) (the "Fund") announced
today that Fund shareholders have approved a new advisory agreement
with Aberdeen Asset Managers Limited ("AAML") as well as a
sub-advisory agreement with Aberdeen Asset Management Inc. ("AAMI")
and the election of three new Trustees, at the Special Meeting of
Shareholders of the Fund (the "Special Meeting") held on
November 16, 2017. Effective
December 1, 2017, AAML and AAMI will
be 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 be
the administrator. Upon the transition, the Fund's name will
be changed to Aberdeen Income Credit Strategies Fund. Effective
shortly prior to the transition, and following the resignation by
Joel Citron, Julie Dien Ledoux, and Darren Thompson, three of the Fund's current
Trustees, the three new elected Trustees will take office.
Randolph Takian, who is currently a
Trustee, will remain on the Board. The table below summarizes the
new composition of the Board that will be in effect upon the
transition.
Trustee
|
Class
|
Term
ending
|
John
Sievwright
|
I
|
2018
|
Nisha
Kumar
|
II
|
2019
|
P. Gerald
Malone
|
III
|
2020
|
Randolph
Takian
|
III
|
2020
|
The Avenue Income Credit Strategies Fund is a closed-end
investment company listed on the New York Stock Exchange under the
trading symbol "ACP" with 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, the parent of AAML and AAMI, is
an independent asset manager founded in 1983. 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. Closed-end management investment
companies have formed part of Aberdeen's business since its
inception and remain an important element of Standard Life
Aberdeen's client base for in the United
States and globally.
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.
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SOURCE Avenue Income Credit Strategies Fund