First Trust MLP and Energy Income Fund attracts USD830m in IPO
First Trust Advisors has launched the First Trust MLP and Energy Income Fund, a closed-end fund designed to seek a high level of total return with an emphasis on current distributions paid to common shareholders.
The fund commenced trading on 28 November on the NYSE under the ticker symbol FEI.
The fund has initially raised approximately USD830m in its common share offering and, should the underwriters exercise the overallotment option in full, which may or may not occur, the fund will have raised approximately USD951m.
First Trust is the fund’s investment adviser and is responsible for supervising the fund’s sub-advisor, monitoring the fund’s investment portfolio, managing the fund’s business affairs and providing certain clerical and bookkeeping and other administrative services. First Trust, in consultation with the sub-adviser, will also be responsible for determining the fund’s overall investment strategy and overseeing its implementation.
Energy Income Partners is the fund’s investment sub-adviser and is primarily responsible for the day-to-day supervision and investment strategy of, and making investment decisions for, the fund. The lead managers of the common share underwriting syndicate were Morgan Stanley and Citigroup Global Markets.
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