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
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,"
, 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
and a subsidiary of Aberdeen, is the Fund's manager. Aberdeen's Asian operations include more than 150 investment professionals based in
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
region, Aberdeen Group is the largest manager of emerging market closed-end funds offered around the world by both value and number.
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:
"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,"
- 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)
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.