First Trust Announces New Investment Sub-Advisor for FAV

First Trust Advisors L.P. (“FTA”) announced today that the Board of Trustees (“Board”) of First Trust Active Dividend Income Fund (NYSE: FAV ) voted to approve Chartwell Investment Partners, L.P. (“Chartwell”) as investment sub-advisor to the Fund, replacing Aviance Capital Management, LLC. Chartwell will begin serving as investment sub-advisor