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First Trust LP's President James Bowen acquired control of the Wheaton, Ill.-based money management firm, and while the transaction won't affect the day-to-day operations of any First Trust funds, the change of ownership means shareholders will have to approve the new management.

Terms of the transaction under which Bowen acquired 100 percent of the voting stock of the fund company's general partner, The Charger Corp., weren't disclosed in a press release First Trust disseminated on Oct. 12. Bowen has been with First Trust since it was founded in 1991 and was part of a predecessor entity before then as well.

The fact that shareholders must approve new management recalls the closure of The Claymore Shipping ETF (NYSEArca:SEA) earlier this year. Claymore had to obtain shareholder approval to ratify new subadvisers of its funds after the firm was acquired by Guggenheim Partners a year ago. It got the votes it needed on all its funds except for SEA due to a lack of a quorum of voters. Claymore, now called Guggenheim Funds, later relaunched SEA. It is now called The Guggenheim Shipping ETF.

While shareholders of First Trust's funds must approve the new management, First Trust doesn't use subadvisers on its ETFs, the biggest of which is the First Trust ISE-Revere Natural Gas Index Fund (NYSEArca:FCG). FCG had $345.1 million in assets at the end of the third quarter, according to data compiled by IndexUniverse.com.

Shareholders of record as of Sept. 30 will vote on the new management in December, the press release said. The transaction closed on Oct. 12.

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