The India Fund, Inc. Announces New Management Agreement
The India Fund, Inc. (NYSE:IFN; the “Fund”) announced today that its
Board of Directors has approved a new management agreement with Aberdeen
Asset Management Asia Limited (“Aberdeen Asia”), subject to...
The India Fund, Inc. (NYSE:IFN; the “Fund”) announced today that its Board of Directors has approved a new management agreement with Aberdeen Asset Management Asia Limited (“Aberdeen Asia”), subject to approval by the Fund’s stockholders. The transfer of management from Blackstone Asia Advisors L.L.C. (“BAA”) is in connection with The Blackstone Group’s exit from the business of managing publicly listed closed-end investment companies focused on Asian equity markets. If the Fund’s stockholders approve the new management agreement, Aberdeen Asset Management Asia Limited, based in Singapore and a subsidiary of Aberdeen Asset Management PLC, will be the Fund’s investment manager and will assume responsibility for the design and implementation of the Fund’s investment program. The advisory fee rates under the new management agreement will be the same as the rates under the current agreement. Aberdeen Asia has agreed to cap total fund expenses, excluding taxation expenses and extraordinary or non-routine expenses such as those related to litigation or corporate actions, at 1.15% for three years from the date on which Aberdeen Asia begins to manage the Fund. Stockholders will be asked to consider the new management agreement at a Joint Special Meeting of Stockholders currently scheduled to be held on November 16, 2011. Aberdeen Asia is expected to become the Fund’s investment manager shortly after stockholder approval of the new management agreement. Aberdeen Asset Management PLC (together with its subsidiaries, “Aberdeen”) is an independent asset manager founded in 1983, with $298.3 billion in assets under management (“AUM”) as of June 30, 2011. Singapore is the regional head office of Aberdeen’s Asian operations which were established in 1992. Asian equity securities in both regional and single country mandates are core investment competencies of Aberdeen. Aberdeen manages over $74 billion in Asia Pacific (excluding Japan) equity securities including Indian equity securities. Closed-end management investment companies have formed part of Aberdeen’s business since its inception and remain an important element of its client base in the United States and globally. Aberdeen currently manages 30 closed-end management investment companies with approximately $12 billion in AUM as of June 30, 2011.