HONG KONG--(BUSINESS WIRE)--Asia Pacific Fund and Pennington Fund Announce Merger Agreement
Asia Pacific Fund, a European-based private equity firm that seeks market-leading financial returns, and Pennington Fund, an Asian-based industry leader in both multi and single-strategy hedge fund investments, have announced the signing of a Mutual Cooperation Agreement, which will lead to the merger of Asia Pacific Fund and Pennington Fund. Founded in 2019, Asia Pacific Fund has rapidly expanded into a respected industry leader. Asia Pacific Fund is headquartered in Saint Petersburg, Russia.
"The pending acquisition of Pennington Fund reflects our steadfast commitment to expand our global market share," said Alexey Ivanovich, in-house legal adviser at Asia Pacific Fund. "This merger qualifies as a 'pre-approved' merger under securities regulations because it does not involve any substantive changes in investment objectives or strategies for existing members of Pennington Fund. Asia Pacific Fund will have the same fee structure as the former Pennington Fund, and the acquisition will occur on a tax-deferred basis."
The acquisition is expected to have a positive effect on Fund member earnings for fiscal year 2021. The transaction is expected to close by mid-year 2021, subject to customary closing conditions.
"In anticipation of a merger or acquisition between Pennington Fund and Asia Pacific Fund," Bradford Moody, legal adviser for Pennington Fund explained, "we are contacting all affected clients to inform them that they may experience either a brief delay in services, or a revision of their basic contract, after they become Asia Pacific Fund clients. Before the final merger, certain assets will be transferred from the control of Pennington Fund to Asia Pacific Fund."
Asia Pacific Fund Website: http://www.asiapacificfund.net/
Pennington Trading Website: http://www.pennington-trading.com/
Pennington Fund Website: http://fund.pennington-trading.com/
SOURCE: Pennington Trading and Pennington Fund