Morgan Stanley Investment Management Inc. (“MSIM”), the investment adviser to Morgan Stanley Asia-Pacific Fund, Inc. (NYSE: APF) (the “Fund”), announced today that James Cheng, a portfolio manager of the Fund, will retire effective December 31, 2012. Effective immediately, Munib Madni, a Managing Director of Morgan Stanley Investment Management Company (“MSIM Company”), the sub-adviser to the Fund, and Samuel Rhee, an Executive Director of MSIM Company, have been added to the team primarily responsible for the day-to-day management of the Fund’s portfolio. Mr. Madni has been associated with MSIM Company in an investment management capacity since February 2005. Mr. Rhee has been associated with MSIM Company in an investment management capacity since July 2005. Messrs. Madni and Rhee, along with Arthur Pollock, an Executive Director of Morgan Stanley Investment Management Limited, a sub-adviser to the Fund, will continue to be jointly and primarily responsible for the day-to-day management of the Fund’s portfolio upon Mr. Cheng’s retirement. The change in portfolio management team does not affect the investment objective of the Fund, nor the way in which the Fund’s portfolio is managed.
The Fund continues to maintain a share repurchase program (the “Program”) for purposes of enhancing stockholder value and reducing the discount at which the Fund’s shares trade from their net asset value. Since the inception of the Program on January 23, 1998, the Fund has repurchased 30.7 percent of its shares. The Fund expects to continue to repurchase its outstanding shares at such time and in such amounts as it believes will further the accomplishment of the foregoing objectives of the Program, subject to review by the Board of Directors. On a monthly basis, the Fund intends to make available on its public website information regarding the Fund’s repurchase activity.
The Board of Directors has also approved the creation of a committee of independent Directors to consider a range of issues unique to closed-end funds.