PHILADELPHIA, Dec. 1, 2017 /PRNewswire/ -- Avenue Income Credit Strategies Fund (NYSE: ACP) (the "Fund"), a closed-end fund, today announced a board-approved name change of the Fund, which will take effect on December 1, 2017. The Fund's change of name is designed to identify the Fund's new investment adviser, Aberdeen Asset Managers Limited ("AAML") and sub-adviser, Aberdeen Asset Management Inc. ("AAMI"), who assume responsibility with effect from December 1, 2017, following approval of their respective advisory and sub-advisory agreements at a Special Meeting of Shareholders held on November 16, 2017. AAMI will also serve as the Fund's administrator with effect from December 1, 2017. The Fund's investment objective and ticker will remain the same. The name change is as follows:
Current Fund Name
New Fund Name
Avenue Income Credit Strategies Fund
Aberdeen Income Credit Strategies Fund
Bev Hendry, Chief Executive- Americas, comments "closed-end investment companies have formed part of Aberdeen's business since its inception and remain an important element of Aberdeen Standard Investments' client base in the United States and globally. The Aberdeen Income Credit Strategies Fund provides investors the ability to diversify their portfolio with our long-established investment expertise."
With the inclusion of the Aberdeen Income Credit Strategies Fund, Aberdeen Standard Investments manages 14 registered U.S. closed-end funds totaling $4.3 billion in net assets.
The Fund is a closed-end investment company listed on the New York Stock Exchange under the trading symbol "ACP" with current total assets of approximately $198 million as of September 30, 2017. The Fund's primary investment objective is to seek a high level of current income with a secondary objective of capital appreciation. The Fund seeks to achieve its investment objectives by opportunistically investing primarily in loan and debt instruments.
Aberdeen Asset Management PLC ("Aberdeen PLC"), the parent of AAML and AAMI, is an independent asset manager founded in 1983 via a management buyout. The merger of Standard Life plc and Aberdeen PLC, announced on March 6, 2017 (the "Merger"), closed on August 14, 2017. Aberdeen PLC became a direct subsidiary of Standard Life plc as a result of the Merger and the combined company changed its name to Standard Life Aberdeen plc. On March 6, 2017, the Boards of Standard Life plc and Aberdeen Asset Management PLC announced that they had reached an agreement on the terms of a recommended all-share merger (the "Merger"). The Merger was completed on August 14, 2017 and, as of that date, Aberdeen Asset Management PLC became a direct subsidiary of Standard Life plc as a result of the Merger and the combined company changed its name to Standard Life Aberdeen plc. As a result of the Merger, AAML and AAMI are each an indirect subsidiary of Standard Life Aberdeen plc. Standard Life Aberdeen plc and its affiliates offer a comprehensive range of investment capabilities, and overall manage worldwide assets worth $764 billion (as of September 30, 2017) on behalf of clients in 80 countries.
The information in this press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities , nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Fixed income securities are subject to certain risks including, but not limited to: interest rate (changes in interest rates may cause a decline in the market value of an investment), credit (changes in the financial condition of the issuer, borrower, counterparty, or underlying collateral), prepayment (debt issuers may repay or refinance their loans or obligations earlier than anticipated), and extension (principal repayments may not occur as quickly as anticipated, causing the expected maturity of a security to increase). The Fund may utilize leverage to seek to enhance yield, which may increase volatility of the Fund's net asset value in both up and down markets.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The funds' investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the net asset value (NAV) of the fund's portfolio.
There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.
In the United States, Aberdeen Asset Management (AAM) is the marketing name for the following affiliated, registered investment advisers: Aberdeen Asset Management Inc., Aberdeen Asset Managers Ltd, Aberdeen Asset Management Ltd, Aberdeen Asset Management Asia Ltd and Aberdeen Capital Management, LLC. Excluding Aberdeen Capital Management LLC, each of these advisers are wholly owned by Standard Life Aberdeen Plc. Aberdeen Capital Management, LLC is a wholly-owned subsidiary of Aberdeen Asset Management Inc.
If you wish to receive information from or about any Fund electronically, please contact InvestorRelations@aberdeenstandard.com
SOURCE Aberdeen Standard Investments