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Wells Fargo Asset Management Announces Changes to Global Dividend Opportunity Fund and Utilities and High Income Fund Portfolio Management Teams

Nachrichtenquelle: Business Wire (engl.)
18.03.2019, 14:00  |  355   |   |   

Effective April 1, 2019, Andrew Tuttle, CFA, of Crow Point Partners, LLC, will no longer be a portfolio manager for the Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD) and the Wells Fargo Utilities and High Income Fund (NYSE American: ERH).1 Crow Point Partners is a subadvisor to the two affected funds.

Kandarp Acharya, CFA, FRM; Christian Chan, CFA; Niklas Nordenfelt, CFA; Timothy O’Brien, CFA; and Philip Susser will continue their roles as portfolio managers for the Wells Fargo Global Dividend Opportunity Fund. The fund’s investment philosophy and processes will remain the same. The Global Dividend Opportunity 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. Its secondary objective is long-term growth of capital.

Niklas Nordenfelt, CFA; Timothy O’Brien, CFA; and Philip Susser will continue their roles as portfolio managers for the Wells Fargo Utilities and High Income Fund. The fund’s investment philosophy and processes will remain the same. The Utilities and High Income Fund is a closed-end equity and high-yield bond fund. Its investment objective is to seek a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income.

1. WFAM is an indirect wholly owned subsidiary of Wells Fargo & Company and an affiliate of Wells Fargo Funds Management, LLC, the investment advisor to the Wells Fargo Global Dividend Opportunity Fund and the Wells Fargo Utilities and High Income Fund. Crow Point Partners and Wells Capital Management Incorporated are subadvisors to the closed-end Wells Fargo Global Dividend Opportunity Fund and Wells Fargo Utilities and High Income Fund.

These closed-end funds are no longer engaged in initial public offerings, and shares are only offered through broker-dealers on the secondary market. Unlike an open-end mutual fund, a closed-end fund offers a fixed number of shares for sale. After the initial public offering, shares are bought and sold through broker-dealers in the secondary marketplace, and the market price of the shares is determined by supply and demand, not by NAV, and is often lower than the NAV. A closed-end fund is not required to buy its shares back from investors upon request.

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