abrdn Announces Its Appointment to Four U.S. Specialist Healthcare Closed-End Funds, New Board of Trustees to the Funds and Fund Name Changes
PHILADELPHIA, PA / ACCESSWIRE / October 27, 2023 / Effective close of business today, October 27, 2023, abrdn Inc. ("abrdn") assumed responsibility for the management of the four (4) former Tekla Capital Management LLC closed-end funds totaling $2.8bn in assets under management (AUM) as of October 26, 2023. As noted within the Funds' proxy statements and in connection with the change in investment adviser, each Fund amended its declaration of trust to change its name as detailed in the chart below effective after close of regular business on October 27, 2023. Each Fund's shares are listed on the New York Stock Exchange and the ticker symbols and CUSIPs will not change as a result of this transaction.
Current Fund Name | New Fund Name1 | Ticker | CUSIP | Website |
Tekla Healthcare Investors | abrdn Healthcare Investors | HQH | 87911J103 | |
Tekla Life Sciences Investors | abrdn Life Sciences Investors | HQL | 87911K100 | |
Tekla Healthcare Opportunities Fund | abrdn Healthcare Opportunities Fund | THQ | 879105104 | |
Tekla World Healthcare Fund | abrdn World Healthcare Fund | THW | 87911L108 |
1 Each Fund will begin trading under its new name on November 2, 2023.
Two existing trustees of the Funds, Jeffrey A. Bailey and Kathleen L. Goetz, will be joined by four newly elected trustees of the Funds, who were elected by shareholders contingent upon abrdn's appointment as adviser. The new trustees are Stephen Bird, Rose DiMartino, C. William Maher and Todd Reit. Mr. Reit will serve as Chair of the Boards.
Upon the close of business on October 27, 2023, the investment team responsible for the management of the Funds joined abrdn. The Funds will continue to be managed in accordance with their existing investment objectives and strategies, by the same team of Boston-based investment professionals pursuing the same investment philosophy and employing the same investment process that has served the Funds well through the years.
About abrdn
abrdn is a global investment company that helps clients and customers plan, save and invest for the future. abrdn's purpose is to enable its clients to be better investors. abrdn manages and administers £496bn of assets for clients (as at 30 June 2023). abrdn is structured around three businesses - Investments, Adviser and Personal - focused on their changing needs. The capabilities in abrdn's Investments business are built on the strength of its insight - generated from wide-ranging research, worldwide investment expertise and local market knowledge. abrdn's teams collaborate across regions, asset classes and specialisms, connecting diverse perspectives and working with clients to identify investment opportunities that suit their needs. As at 30 June 2023, abrdn's Investments business manages £368bn on behalf of clients - including insurance companies, sovereign wealth funds, independent wealth managers, pension funds, platforms, banks and family offices. For more information, please visit www.abrdn.com.
For more information on the abrdn range of open-end and closed-end funds please visit https://www.abrdn.com/en-us/cefinvestorcenter.
Important Information
In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, abrdn Asia Limited, abrdn Private Equity (Europe) Limited and abrdn ETFs Advisors LLC.
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 or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, 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.
Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's 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.
https://www.abrdn.com/en-us/cefinvestorcenter
For More Information Contact:
abrdn U.S. Closed-End Funds
Investor Relations
1-800-522-5465
Investor.Relations@abrdn.com
SOURCE: abrdn U.S. Closed-End Funds
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https://www.accesswire.com/797303/abrdn-announces-its-appointment-to-four-us-specialist-healthcare-closed-end-funds-new-board-of-trustees-to-the-funds-and-fund-name-changes
