PHILADELPHIA, Dec. 19, 2011 /PRNewswire/ -- Aberdeen Asset Management Asia Limited announced today that it assumed responsibility for the management of The Asia Tigers Fund, Inc. (NYSE: GRR; "The Asia Tigers Fund" or the "Fund") from Blackstone Asia Advisors L.L.C., the Fund's former investment manager.  The Asia Tigers Fund is a closed-end investment company with current total assets of $52.8 million (as of November 30, 2011) and its investment objective is long-term capital appreciation, which it seeks to achieve by investing primarily in equity securities of Asian companies.  There can be no assurance the Fund will achieve its investment objective.  

Expertise in Asia

"We are truly delighted to assume responsibility for The Asia Tigers Fund.  We look forward to bringing our long-established investment process throughout the Asia-Pacific region to the Fund's shareholders," says Hugh Young, 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 more than 1,670 companies across the Asia-Pacific region in 2011 alone and the benefits of that in-depth company due diligence are part of what we can bring to The Asia Tigers 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 Singapore and a subsidiary of Aberdeen, is the Fund's manager. Aberdeen's Asian operations include more than 150 investment professionals based in Singapore, Sydney, Bangkok, Kuala Lumpur and Hong Kong.

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 Asia-Pacific region, Aberdeen Group is the largest manager of emerging market closed-end funds offered around the world by both value and number.[1]

With the addition of The Asia Tigers 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:

  • 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)

"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 the Asia-Pacific region, will help deliver long-term investment opportunities to the shareholders of The Asia Tigers Fund," 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.

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.

Investors should consider a fund's investment objectives, risks, charges and expenses carefully before investing. A copy of the prospectus for Aberdeen Australia Equity Fund, Aberdeen Chile Fund, Inc. and Aberdeen Global Income Fund, Inc. that contains this and other information about those funds may be obtained by calling 866-839-5205. Please read the prospectus carefully before investing. Investing in funds involves risk, including possible loss of principal.

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.

 

[1] Source: Fund Consultants LLC, July 2011. Based on analysis of emerging market closed-end funds offered in multiple jurisdictions as of June 30, 2011; data provided by Morningstar Inc. Closed-end funds are defined as investment companies that are 1) listed on a recognized exchange; 2) possess fixed share capital; and 3) were formed via subscriptions from the public via an open offer or placement. Criteria for inclusion in the emerging markets category is based on the World Bank's definition of emerging countries as measured by lower and middle income per capita. Criteria for fund inclusion is 1) at least 75% of gross assets invested in emerging markets; and 2) funds with under 25% exposure to Asian developed markets.

www.aberdeen-asset.us

 

SOURCE Aberdeen Asset Management

Copyright 2011 PR Newswire

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