PHILADELPHIA, Dec. 7, 2011 /PRNewswire/ -- The Aberdeen Latin American Equity Fund, Inc. (the "Fund") (AMEX: LAQ) and Aberdeen Asset Management Investment Services Limited (the "Adviser" and together with its affiliates "Aberdeen") announce the termination of the Sub-Advisory Agreement with Celfin Capital Servicios Financieros S.A. ("Celfin") with effect from February 4, 2012.
Aberdeen's investment philosophy with respect to equity investing is based on the belief that strong long term returns are achieved by identifying and buying good quality stocks at reasonable valuations and holding them for the long term. Aberdeen identifies good companies from rigorous first hand research with intensive on-going scrutiny at the company level. Since taking over as Adviser to the Fund in July 2009, Aberdeen has continued to develop its operations and research coverage in the South American region and now has appropriate resources and expertise to manage the Fund without the assistance of Celfin as sub-adviser going forward.
The Fund's investment objective, primary investment strategies, primary risks and management expenses will not change as a result of the termination of the sub-adviser.Important Information Closed-end funds have a one-time initial public offering and then are subsequently traded on the secondary market through one of the stock exchanges. 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. There is no assurance that a 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. There are also risks associated with investing in Latin America, including the risk of investing in a single-country fund. 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.