First Opportunity Fund, Inc. (FF) Friday said its board of directors considered and approved a proposal to restructure the Fund's advisory contract. Under the proposed restructuring, two registered investment advisers affiliated with the Fund's largest stockholders would become co-advisers to the Fund.
Wellington Management Company, LLP, the current adviser to the Fund, would step into a temporary sub-advisory role with respect to a discrete portion of the Fund's investment portfolio. The new advisers intend to make a substantial investment, constituting approximately 50% of the Fund's assets, in certain private investment funds currently managed by an affiliate of Wellington Management.
Under the proposed restructuring, the new advisers would be paid an advisory fee at an annual rate equal to 1.25% of the average monthly total net assets of the Fund, but would reduce the advisory fee by the amount of management fees paid by the Fund to any Wellington Management-affiliated private investment fund or to Wellington Management pursuant to the sub-advisory agreement.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.