Aberdeen Asset management has assumed investment management responsibility for two US domiciled closed-end funds from Blackstone Asia Investors.
As part of the deal, Aberdeen pays Blackstone $8 million (€6.1 million), with a further contingent payment of up to $4 million, for the India Fund and Asia Tigers Fund.
The $951.5 million India Fund’s investment objective is long-term capital appreciation by investing primarily in Indian equity securities. The $52.8 million Asia Tigers Fund also seeks long-term capital appreciation, but invests in equity securities of Asian companies.
Hugh Young, managing director, Asia, says his investment managers have visited more than 1,670 companies across the Asia-Pacific region this year.
The asset manager originally set up Asian regional headquarters in Singapore in 1991 and we has expanded its capabilities since.
"Closed-end funds … have been a key focus of Aberdeen since the firm was founded and an important part of our growth,” Young says. “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 shareholders."
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