Press release from PR Newswire
Aberdeen Announces New Investment Management Agreement With The Greater China Fund, Inc.
Tuesday, January 08, 2013
Aberdeen Announces New Investment Management Agreement With The Greater China Fund, Inc.17:20 EST Tuesday, January 08, 2013PHILADELPHIA, Jan. 8, 2013 /PRNewswire/ -- Aberdeen Asset Management Inc. announced that Aberdeen Asset Management Asia Limited has assumed responsibility for the management of The Greater China Fund, Inc. (NYSE: "GCH") effective January 9, 2013 following the special meeting of stockholders held on January 8, 2013. The Greater China Fund, Inc. is a closed-end investment company listed on the New York Stock Exchange with current total assets of approximately $325 million.(Logo: http://photos.prnewswire.com/prnh/20121106/NE07292LOGO ) Expertise in Asia-Pacific Region "We are delighted that the Fund's shareholders have approved Aberdeen's appointment as Fund manager," says Gary Marshall, Head of Americas at Aberdeen. "We look forward to bringing our knowledge and experience of investing in China and the greater Asia-Pacific region to the Fund. Aberdeen established its presence on the ground in Asia in 1992 when it set up its Asian regional headquarters in Singapore and we've expanded our capabilities throughout the region ever since: Aberdeen's first dedicated Chinese equity fund was originally launched in 1992. Every year, Aberdeen investment managers visit more than 1,000 Asian companies, including those in China." Aberdeen Asset Management PLC ("Aberdeen") is the parent company of an asset management group managing assets for both institutional and private clients from offices around the world. Aberdeen Asset Management Asia Limited serves as head office of Aberdeen's Asian operations with investment professionals in offices in Bangkok, Hong Kong, Singapore, Sydney, Taiwan, Tokyo, and Melbourne. 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 standalone asset management houses investing in the Asia-Pacific region, Aberdeen is the largest manager of emerging market closed-end funds offered around the world by both value and number. Including The Greater China Fund, Inc., the Aberdeen Group now manages 12 NYSE/ NYSE MKT-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 MKT: FAX) Aberdeen Asia-Pacific Income Investment Company Limited (TSX: FAP) Aberdeen Australia Equity Fund, Inc. (NYSE MKT: IAF) Aberdeen Chile Fund, Inc. (NYSE MKT: CH ) Aberdeen Emerging Markets Telecommunications and Infrastructure Fund, Inc. (NYSE MKT: ETF ) Aberdeen Global Income Fund, Inc. (NYSE MKT: FCO) Aberdeen Indonesia Fund, Inc. (NYSE MKT: IF ) Aberdeen Israel Fund, Inc. (NYSE MKT: ISL ) Aberdeen Latin America Equity Fund, Inc. (NYSE MKT: LAQ) First Trust/ Aberdeen Global Opportunity Income Fund, Inc. (NYSE MKT: FAM) First Trust/Aberdeen Emerging Opportunity Fund, Inc. (NYSE MKT: FEO) The Asia Tigers Fund, Inc. (NYSE: GRR) The Greater China Fund, Inc. (NYSE: GCH) The India Fund, Inc. (NYSE: IFN) The Singapore Fund, Inc. (NYSE: SGF) Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's 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. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results.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 and single country funds.In the United States, Aberdeen Asset Management (AAM) is that marketing name for the following affiliated, registered investment advisers: Aberdeen Asset Management Inc., Aberdeen Asset Managers Ltd., Aberdeen Asset Management Ltd. and Aberdeen Asset Management Asia Ltd., each of which is wholly owned by Aberdeen Asset Management PLC. "Aberdeen" is a U.S. registered service mark of Aberdeen Asset Management PLC. Source: Fund Consultants LLC, March 2012. 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; 2) funds with under 25% exposure to Asian developed markets. SOURCE Aberdeen Asset Management Inc.For further information: Investor Relations, +1-866-839-5205