Bringing you live news and features since 2006 

Announcement

Three closed-end funds advised by Wells Fargo extend share repurchase programmes

RELATED TOPICS​

Three closed end funds advised by Wells Fargo Funds Management – the Wells Fargo Income Opportunities Fund, the Wells Fargo Utilities and High Income Fund, and the Wells Fargo Global Dividend Opportunity Fund – are to extend their open-market share repurchase programmes.

The funds’ boards of trustees have authorised the repurchase of an aggregate of up to 10 per cent of each fund’s outstanding shares in open-market transactions during 17 December 2016 to 31 December 2017.
 
The funds’ boards of trustees have again delegated to Wells Fargo Funds Management discretion to determine the amount and timing of repurchases of shares of each fund in accordance with the best interests of the fund, and subject to applicable legal limitations.
 
The funds’ boards of trustees will continue to receive periodic reports on repurchase activity as part of their ongoing oversight over the programmes, which includes deciding whether to renew or discontinue the programmes at the end of their terms.
 
In light of the tender offer and managed distribution plan announced by Wells Fargo Multi-Sector Income Fund (NYSE MKT: ERC), ERC’s board of trustees has not authorised the extension of its open-market share repurchase programme beyond the current term that ends on 16 December 2016.
 
The funds’ boards of trustees first authorised the repurchase over a one-year period beginning 17 December 2015, of an aggregate of up to 10 per cent of each fund’s outstanding shares in open-market transactions.
 
Through 31 October 2016, the funds have repurchased the following amounts of shares: EOD repurchased 3,247,402 shares (or 6.61 per cent of outstanding shares); ERC repurchased 891,934 shares (or 2.12 per cent of outstanding shares); and EAD repurchased 76,871 shares (or 0.11 per cent of outstanding shares). ERH did not repurchase any shares through 31 October 2016.
 
The Wells Fargo Income Opportunities Fund is a closed-end high-yield bond fund. The fund’s investment objective is to seek a high level of current income. The fund may, as a secondary objective, seek capital appreciation to the extent it is consistent with its investment objective.
 
The Wells Fargo Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The fund’s investment objective is to seek a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income.
 
The Wells Fargo Global Dividend Opportunity Fund is a closed-end fund investing primarily in a diversified portfolio of common stocks of US and non-US companies. The fund’s investment objective is to seek a high level of current income. The fund’s secondary objective is long-term growth of capital.

Latest News

US ETF issuers of active ETFs are facing an increase in fees from the big custodian firms, such as Charles..
ETF data consultant ETFGI reports that assets invested in the global ETF industry reached a new record of USD12.71 trillion..
Calastone has published an ETF white paper which examines several of the processes that take place across the lifecycle of..
Adapting product lines to fit into changing methodologies and meet shifting demand is essential to remaining relevant in the industry..

Related Articles

Taylor Krystkowiak, Themes ETFs
Themes ETFs opened its doors in December 2023, with an introductory suite of 11 ETFs – seven thematic and four...
Konrad Sippel, Solactive
At the end of March, financial index specialist, Solactive, published its 2024 annual report on future trends.  ...
Lorraine Sereyjol-Garros, BNP Paribas
Following changes to the French Monetary and Financial Code and of the French market authority AMF’s General Regulation, it is...
Ed Rosenberg, Texas Capital
Texas Capital Bank first opened its doors back in December 1998 and nowadays offers wealth-management services, as well as commercial,...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by