Morgan Stanley Asia-Pacific Fund, Inc. Announces Portfolio Manager Changes, Information Regarding Share Repurchase Program & ...
16 Mayo 2012 - 7:30AM
Business Wire
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.
The Fund is a diversified, closed-end management investment
company that seeks long-term capital appreciation through
investments primarily in equity securities of Asian-Pacific issuers
and in debt securities issued or guaranteed by Asian Pacific
governments or governmental entities. The Fund’s shares are listed
on the New York Stock Exchange under the symbol “APF.”
Morgan Stanley Investment Management, together with its
investment advisory affiliates, has approximately 620 investment
professionals around the world and $304 billion in assets under
management or supervision as of March 31, 2012. MSIM strives to
provide outstanding long-term investment performance, service and a
comprehensive suite of investment management solutions to a diverse
client base, which includes governments, institutions, corporations
and individuals worldwide.
Morgan Stanley is a leading global financial services firm
providing a wide range of investment banking, securities,
investment management and wealth management services. The Firm’s
employees serve clients worldwide including corporations,
governments, institutions and individuals from more than 1,300
offices in 43 countries. For further information about Morgan
Stanley, please visit www.morganstanley.com.
This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of
the securities in any state in which such offer, solicitation or
sale would be unlawful under the securities laws of any such
state.
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