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Nov. 10, 2011 /PRNewswire/ -- The China Fund, Inc. (the "Fund") (NYSE: CHN) announces that the Fund has been advised by its Investment Manager, Martin Currie Inc., that Heartland Capital Management Limited ("Heartland") exercised its option to acquire Martin Currie Ltd.'s interest in MC China Limited, the joint venture of Martin Currie Inc.'s parent, Martin Currie Ltd., and Heartland and that Martin Currie Ltd.'s interest in MC China Limited has been transferred to Heartland (or its nominee).
With this transfer,
Shifeng Ke is no longer with Martin Currie Inc. and accordingly has ceased to act as the Fund's portfolio manager. Further, as a result of the transfer Martin Currie Inc. is no longer able to provide the Fund with the services of the existing team of eight analysts based in
Shanghai who assisted Mr. Ke, all of whom are associated with MC China Limited.
To address this, the Fund has entered into interim arrangements with Martin Currie Inc. and APS Asset Management Pte Ltd. to manage the Fund's portfolio until new management arrangements can be put in place. APS Asset Management Pte Ltd. is a
Singapore based investment management firm that specializes in
Asia Pacific equity investments with a particular focus on
Greater China. APS has a team of ten analysts based across
The interim arrangements will remain in place for a maximum of 150 days. The Board is also considering potential managers, including Martin Currie Inc. and APS Asset Management Pte Ltd., to take over the management of the Fund's portfolio at the end of the term of the interim arrangements. The selection of any such manager by the Board will be subject to stockholder approval.