NEW YORK–Western Asset Investment Grade Income Fund Inc. (NYSE: PAI) (the “Fund”) announced that, based on the results of the confirmed votes, shareholders approved the Special Meeting of the Fund (the “Special Meeting” of the new Fund Manager Management Agreement and the new sub-counsel agreement for the fund`s sub-advisor. Approval of these new agreements was proposed in the context of the upcoming combination of Legg Mason Inc. (“Legg Mason”), the parent company of the fund`s investment manager and sub-advisor, and Franklin Resources, Inc., a global investment management organization active as Franklin Templeton (the “transaction”), which will lead to the automatic termination of the fund`s current management and sub-advisory agreements. New management and advisory agreements take effect each time the transaction is completed. The royalty structure agreements for advisory services differ depending on the investment market. The fees for sub-advisory funds are generally higher, as multi-position relationships are linked to the offering of a sub-advisory fund. In general, investors should take a closer look at the pricing structures of under-advised funds, which are often higher and more complex than traditional fund offerings. Some of the largest and most experienced investment managers in the investment market are developing a sub-advisory platform that allows them to have better access to under-consulting relationships in the market.
Wellington Asset Management and State Street Global Advisors are two investment managers who actively seek to offer their services through sub-counsel. Media Contact: Fund Investor Services-1-888-777-0102 This amendment (the “change”) to the investment sub-advisory agreement of November 2, 2016 (the “agreement”) of and between major real estate investors, LLC (the “sub-advisor”) and Versus Capital Advisors LLC (the “advisor” and with the sub-advisor, the “parties”) is effective as of November 22, 2019. Voting on the proposal to approve a new sub-advisory investment agreement between KeyCorp Mutual Fund/Advisers, Wellington has a well-established sub-counsel relationship with Hartford Funds and serves as a sub-advisor for the company.Back to Blog