The Board of Advance Developing Markets Fund Limited announces that it has been informed by Advance Emerging Capital Limited, the investment manager of ADMF, that an agreement has been reached with Aberdeen Asset Management PLC whereby Aberdeen will acquire 100% ownership of Advance Emerging Capital.
The transaction is subject, inter alia, to regulatory approval from the UK Financial Conduct Authority and is expected to complete during the fourth quarter of 2015.
The Board of Advance Developing Markets Fund is supportive of the transaction. The investment management team of Advance Emerging Capital will remain unchanged and Advance Emerging Capital is expected to benefit from the significant additional resources available from within Aberdeen.
ADMF / AFMF : Aberdeen buys manager of Advance Developing and Advance Frontier