PASADENA, Calif.--(BUSINESS WIRE)--The Boards of Directors of Flaherty & Crumrine/Claymore Preferred Securities Income Fund Incorporated (NYSE: FFC) and Flaherty & Crumrine/Claymore Total Return Fund Incorporated (NYSE: FLC) today announced that each fund has approved (1) a change in its name and (2) the appointment of Destra Capital Investments LLC (“Destra Capital”) as its shareholder servicing agent effective on February 28, 2013.
Destra Capital is an independent fund distribution and servicing firm and registered broker dealer. As part of the secondary support services it will provide, Destra Capital will serve fund shareholders and the broader financial community. They will also support FFC and FLC in the U.S. financial advisor community as an investment option for current and potential investors. Destra Capital is headquartered in Lisle, IL and employs approximately 30 wholesale fund distribution professionals located throughout the United States.
In connection with the servicing agent change, each fund will change its name as follows:
- Flaherty & Crumrine/Claymore Preferred Securities Income Fund Incorporated (FFC) will change its name to “Flaherty & Crumrine Preferred Securities Income Fund Incorporated”; and
- Flaherty & Crumrine/Claymore Total Return Fund Incorporated (FLC) will change its name to “Flaherty & Crumrine Total Return Fund Incorporated.”
Flaherty & Crumrine Incorporated will continue to act as each fund’s investment adviser and there will be no change in investment strategies or style as a result of the appointment of Destra Capital as shareholder servicing agent. The funds will continue to trade on the NYSE under their respective ticker symbols, FFC and FLC.
FFC and FLC were organized in 2003 as closed-end, diversified investment companies. FFC invests primarily in preferred securities with an investment objective of high current income consistent with preservation of capital. FLC invests primarily in preferred and other income-producing securities with a primary investment objective of high current income and a secondary objective of capital appreciation. FFC and FLC are managed by Flaherty & Crumrine Incorporated, an independent investment adviser which was founded in 1983 to specialize in the management of portfolios of preferred and related securities. Flaherty & Crumrine also manages two other U.S. closed-end funds: Flaherty & Crumrine Preferred Income Fund (NYSE: PFD); and Flaherty & Crumrine Preferred Income Opportunity Fund (NYSE: PFO).