PHILADELPHIA, Dec. 19, 2011 /PRNewswire/ -- Aberdeen Asset
Management Asia Limited announced today that it assumed investment
management responsibility for The India Fund, Inc. (NYSE: IFN; "The
India Fund" or the "Fund") from Blackstone Asia Advisors L.L.C.,
the Fund's former investment manager. The India Fund is a
closed-end investment company with current total assets of
$951.5 million (as of November 30, 2011) and its investment objective
is long-term capital appreciation by investing primarily in Indian
equity securities. There can be no assurance the Fund will
achieve its investment objective.
Expertise in Asia
"We are truly delighted to assume responsibility for The
India Fund. We look forward to bringing our long-established
expertise of investing in India to
the Fund's shareholders," says Hugh
Young, Managing Director and Head of Aberdeen Asian
Equities, an affiliate of Aberdeen Asset Management Asia Limited.
"Aberdeen established its presence in Asia in 1991 when we set up our Asian regional
headquarters in Singapore and we
have expanded our capabilities throughout the region ever since.
Our investment managers have visited nearly 120 Indian companies in
2011 alone and the benefits of that in-depth company due diligence
are part of what we can bring to The India Fund
shareholders."
Aberdeen Asset Management PLC ("Aberdeen") is the parent company
of the asset management group managing assets for both
institutional and private clients from offices around the world.
Aberdeen Asset Management Asia Limited, based in Singapore and a subsidiary of Aberdeen, is the
Fund's manager. Aberdeen's Asian operations include more than 150
investment professionals based in Singapore, Sydney, Bangkok, Kuala
Lumpur and Hong Kong.
Leader in Emerging Market Closed-End Funds
Aberdeen's subsidiaries (the "Aberdeen Group") have managed
U.S. registered closed-end funds since December of 2000. In
addition to being one of the largest pure stand-alone asset
management houses investing in the Asia-Pacific region, Aberdeen Group is the
largest manager of emerging market closed-end funds offered around
the world by both value and number.[1]
With the addition of The India Fund, Inc., the Aberdeen Group
now directly manages eleven U.S. exchange-listed closed-end funds,
one Canadian investment company, and serves as investment
sub-advisor to two other closed-end funds managed by First Trust
Advisors L.P. Aberdeen's closed-end funds available to North
American investors are:
- Aberdeen Asia-Pacific Income Fund, Inc. (NYSE AMEX: FAX)
- Aberdeen Asia-Pacific Income Investment Company Limited (TSX:
FAP)
- Aberdeen Australia Equity Fund, Inc. (NYSE AMEX: IAF)
- Aberdeen Chile Fund, Inc. (NYSE AMEX: CH)
- Aberdeen Emerging Markets Telecommunications and Infrastructure
Fund, Inc. (NYSE AMEX: ETF)
- Aberdeen Global Income Fund, Inc. (NYSE AMEX: FCO)
- Aberdeen Indonesia Fund, Inc. (NYSE AMEX: IF)
- Aberdeen Israel Fund, Inc. (NYSE AMEX: ISL)
- Aberdeen Latin America Equity Fund, Inc. (NYSE AMEX: LAQ)
- First Trust /Aberdeen Global Opportunity Income Fund, Inc.
(NYSE AMEX: FAM)
- First Trust /Aberdeen Emerging Opportunity Fund, Inc. (NYSE
AMEX: FEO)
- The Asia Tigers Fund, Inc. (NYSE: GRR)
- The India Fund, Inc. (NYSE: IFN)
- The Singapore Fund, Inc. (NYSE: SGF)
"Closed-end funds, one of the oldest types of investment
vehicles, have been a key focus of Aberdeen since the firm was
founded. We feel that our familiarity with their structure, coupled
with our extensive experience and presence in Asia, will help deliver long-term investment
opportunities to the shareholders of The India Fund," concluded
Mr. Young.
Closed-end funds, unlike open-end funds, are not continuously
offered. Closed-end funds generally have a one-time initial public
offering and then shares are subsequently traded on the secondary
market through a stock exchange. The investment return and
principal value will fluctuate so that an investor's shares may be
worth more or less than the original cost. Shares of closed-end
funds may trade above (a premium) or below (a discount) the net
asset value (NAV) of the fund's portfolio. Shares of closed-end
funds frequently trade at a discount from the net asset value. The
price of a fund's shares is determined by a number of factors,
several of which are beyond the control of the fund. Therefore, the
Fund cannot predict whether its shares will trade at, below or
above net asset value.
International investing entails special risk considerations,
including currency fluctuations, lower liquidity, economic and
political risks, and differences in accounting methods; these risks
are generally heightened for emerging market investments.
Investors should consider a fund's investment objectives,
risks, charges and expenses carefully before investing. A copy of
the prospectus for Aberdeen Australia Equity Fund, Aberdeen Chile
Fund, Inc. and Aberdeen Global Income Fund, Inc. that contains this
and other information about those funds may be obtained by calling
866-839-5205. Please read the prospectus carefully before
investing. Investing in funds involves risk, including possible
loss of principal.
Aberdeen Asset Management is the marketing name in the U.S. for
the following affiliated, registered investment advisers: Aberdeen
Asset Management Inc., Aberdeen Asset Management Investment
Services Ltd., Aberdeen Asset Management Ltd. and Aberdeen Asset
Management Asia Ltd. (collectively, the "Aberdeen Advisers"). Each
of the Aberdeen Advisers is wholly owned by Aberdeen Asset
Management PLC. "Aberdeen" is a U.S. registered service mark of
Aberdeen Asset Management PLC.
[1] Source: Fund Consultants LLC, July
2011. Based on analysis of emerging market closed-end funds
offered in multiple jurisdictions as of June
30, 2011; data provided by Morningstar Inc. Closed-end funds
are defined as investment companies that are 1) listed on a
recognized exchange; 2) possess fixed share capital; and 3) were
formed via subscriptions from the public via an open offer or
placement. Criteria for inclusion in the emerging markets category
is based on the World Bank's definition of emerging countries as
measured by lower and middle income per capita. Criteria for fund
inclusion is 1) at least 75% of gross assets invested in emerging
markets; and 2) funds with under 25% exposure to Asian developed
markets.
www.aberdeen-asset.us
SOURCE Aberdeen Asset Management Inc.