TMCnet News
Reaves Utility Income Fund Announces Portfolio Management TransitionThe Reaves Utility Income Fund (NYSE MKT: UTG) (the "Fund") is pleased to announce that Timothy O. Porter has been named a co-portfolio manager of the Fund, serving with senior managers Ronald J. Sorenson and John P. Bartlett. Mr. Sorenson, who helped establish the Fund in 2004, will continue in his role as co-portfolio manager through the end of 2019. Mr. Porter joined Reaves Asset Management, the Fund's investment adviser, in 2004 as an energy analyst and became a portfolio manager in 2007. His portfolio responsibilities include management of high-net-worth individual accounts and the Reaves Utilities and Energy Infrastructure Fund (RSRFX). In addition, Mr. Porter is a member of the Firm's Risk Committee. "I have worked with Tim as an analyst and a portfolio manager for most of his career at Reaves," said Mr. Sorenson. He added that "I am confident that Tim and John will continue to apply the investment principles that have contributed to the Fund's success over the years: a long-term perspective, independent and disciplined thinking, and a clear focus on the fundamental drivers of earning and dividend growth." The Reaves Utility Income Fund The investment objective of the Fund is to provide a high level of income and total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund had approximately $1.59 billion of net assets under management and 48.6 million common shares outstanding as of November 30, 2018. The Reaves Utility Income Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value. ALPS Portfolio Solutions Distributor, Inc., FINRA Member. View source version on businesswire.com: https://www.businesswire.com/news/home/20181206005876/en/ |
