Dechert Advises abrdn on Proposed Acquisition of Four First Trust Managed Closed-End Funds

Dechert advised abrdn on its proposed acquisition and reorganization of four closed-end investment funds managed by First Trust Advisors, L.P. into three existing abrdn funds: abrdn Global Infrastructure Fund, abrdn Income Credit Strategies Fund and abrdn Total Dynamic Dividend Fund.  The transaction is set to bolster abrdn's closed-end fund business, where it currently manages over US$30 billion in AUM in U.S. and UK-listed closed-end funds, making abrdn the third largest closed-end fund manager across the U.S. and the UK. Dechert also previously represented abrdn in its recent acquisition of four closed-end funds from Tekla Capital Management and five closed-end funds from Macquarie Asset Management.

The reorganizations are projected to be completed in the first quarter of 2024 pending various required shareholder approvals.

The Dechert team advising abrdn includes corporate partner Stephen Pratt and counsel Ross MacConnell, as well as financial services partner Tom Bogle.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our 1,000+ lawyers across 21 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.