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First Trust/Gallatin Specialty Finance and Financial Opportunities Fund
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(Name of Registrant as Specified in Its Charter)
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PRESS RELEASE
SOURCE: First Trust/Gallatin Specialty Finance and Financial Opportunities Fund
First Trust/Gallatin Specialty Finance and Financial Opportunities Fund Board
Approves Gallatin Asset Management, Inc. as New Investment Sub-Advisor
LISLE, IL - (BUSINESS WIRE) - September 24, 2007 - First Trust Advisors L.P.
("FTA") announced today that the Board of Trustees of First Trust/Gallatin
Specialty Finance and Financial Opportunities Fund (NYSE: FGB) has voted to
approve Gallatin Asset Management, Inc. ("Gallatin") as investment sub-advisor
to the Fund following the automatic termination of the Fund's current investment
sub-advisory agreement. On May 31, 2007, Wachovia Corp. announced that it had
reached an agreement in principle with A.G. Edwards, Inc. under which Wachovia
Corp. will acquire A.G. Edwards, Inc. (the "Acquisition"). Gallatin, the Fund's
current sub-advisor, is a wholly-owned subsidiary of A.G. Edwards, Inc. The
Acquisition is expected to be completed on or about October 1, 2007. The
consummation of the Acquisition would be considered an "assignment" under
federal securities laws of the current investment sub-advisory agreement between
the Fund, Gallatin and First Trust Advisors L.P. This assignment will
result in the automatic termination of the Fund's current investment
sub-advisory agreement with Gallatin. As such, the Board of Trustees
has approved an interim sub-advisory agreement with Gallatin to take effect
upon completion of the Acquisition whereby Gallatin would continue to
serve as the Fund's sub-advisor for a maximum period of 150 days. A new
sub-advisory agreement with Gallatin will be submitted to shareholders of the
Fund for approval, which new sub-advisory agreement would take effect upon such
shareholder approval. We anticipate that this new sub-advisory agreement will be
substantially similar to the Fund's current sub-advisory agreement.
A meeting of FGB shareholders to vote on a proposal to approve the new
sub-advisory agreement with Gallatin is expected to be scheduled for a date on
or before January 31, 2008. Any solicitation of proxies by FGB in connection
with this shareholder meeting will only be made pursuant to separate proxy
materials filed with the U.S. Securities and Exchange Commission ("SEC") under
applicable federal securities laws. There can be no assurance that the
Acquisition described above will be consummated at contemplated or that
necessary percentage of the shareholders of FGB will vote to approve Gallatin as
new investment sub-advisor.
FGB is a non-diversified closed-end management investment company that seeks to
provide a high level of current income and, as a secondary objective, attractive
total return. The Fund seeks to achieve its objectives by investing at least 80%
of its managed assets in a portfolio of securities of specialty finance and
other financial companies that the sub-advisor believes offer attractive
opportunities for income and capital appreciation. Under normal market
conditions, the Fund will concentrate its investments in securities of companies
within industries in the financial sector.
First Trust Advisors L.P. has served as the Fund's investment advisor since its
inception. At August 31, 2007, First Trust Advisors L.P managed or supervised
approximately $32 billion in assets.
Gallatin has served as the Fund's investment sub-advisor since the Fund's
inception. Gallatin provides asset management and advisory services to high net
worth individuals and institutional investors. Gallatin had approximately $10.2
billion of assets under management as of August 31, 2007.
In connection with the solicitation of proxies, the Fund intends to file a proxy
statement. Because the proxy statement will contain important information, FGB's
shareholders are urged to read it carefully when it becomes available. When
filed with the SEC, the proxy statement will be available free of charge at the
SEC's website, www.sec.gov. FGB's shareholders will also be able to obtain
copies of these documents and other transaction-related documents, when
available, by calling FTA toll-free at 800-621-1675. The foregoing is not an
offer to sell, nor a solicitation of an offer to buy, shares of any fund, nor is
it a solicitation of any proxy.
Press Release Source: First Trust/Gallatin Specialty Finance and
Financial Opportunities Fund
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CONTACT: Jeff Margolin - 630-915-6784
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SOURCE: First Trust/Gallatin Specialty Finance and Financial Opportunities Fund