PHILADELPHIA--(BUSINESS WIRE)--Aberdeen announced today that it has assumed responsibility for the management of The Singapore Fund, Inc. (NYSE: SGF), effective August 6, 2011. The Singapore Fund is a closed-end investment company listed on the New York Stock Exchange with current total assets of $162 million.
Expertise in Asia-Pacific Region
“We are truly delighted to be appointed by The Singapore Fund. The decision is a positive and tangible recognition of our knowledge and experience of investing in the Asia-Pacific region,” says Gary Marshall, Head of the Americas at Aberdeen. “Aberdeen established its presence on the ground in Asia in 1992 when it set up its Asian regional headquarters in Singapore, and we’ve expanded our capabilities in the region ever since. Our investment managers have visited over 1,000 Asian companies this year alone and we look forward to applying that in-depth regional knowledge to the shareholders of The Singapore Fund.”
Aberdeen Asset Management PLC (“Aberdeen”) is the parent company of an 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. Singapore is the head office of Aberdeen’s Asian operations with more than 150 investment professionals 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 Singapore Fund, Inc., Aberdeen’s subsidiaries now directly manage nine U.S. exchange-listed closed-end funds and one Canadian investment company, and serve 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 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 Asia, will help deliver long-term investment opportunities to the shareholders of The Singapore Fund,” concluded Marshall.
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 one of the stock exchanges. 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 Chile Fund, Inc. and Aberdeen Australia Equity Fund, Inc. that contains this and other information about the 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; 2) funds with under 25% exposure to Asian developed markets.