Asia Pacific Fund Announces Approval of New Investment Manager by Stockholders and Election of Directors
NEWARK, NJ--(Marketwired - Sep 6, 2013) - The Asia Pacific Fund, Inc. (the "Fund") (NYSE: APB) announced today that the stockholders of the Fund have approved the investment management agreement between the Fund and Value Partners Hong Kong Limited ("Value Partners") at a special meeting of stockholders held earlier today, September 6, 2013. The Fund further announced that Value Partners will become the Fund's investment manager effective October 1, 2013, succeeding Baring Asset Management (Asia) Limited ("Barings"), the Fund's current investment manager.
Value Partners is a wholly-owned subsidiary of Hong Kong based Value Partners Group Limited, an asset management group founded in 1993 with a focus on Asia investments. Value Partners Group Limited managed approximately US $8.8 billion as of July 31, 2013. Value Partners has agreed to manage the Fund in accordance with its current investment objective and fundamental investment policies and fee structure.
Michael J. Downey, the Fund's Chairman, commented: "We appreciate the vote of confidence by the stockholders. The selection by the Board of Directors of Value Partners was made after a comprehensive review of potential investment managers. We are enthusiastic about Value Partners' investment team and plans for the Fund." He further commented, "Barings will continue to manage the Fund through the date of the transition to Value Partners. Barings has been the Fund's investment manager since the Fund commenced operations in 1987, and we thank the firm and its investment professionals for their dedication, commitment and service to the Fund during that time."
The Fund also announced the election by stockholders at the Fund's annual meeting of stockholders, also held earlier today, of Robert F. Gunia and Nicholas T. Sibley as Class III Directors.
About The Asia Pacific Fund:
The Asia Pacific Fund is a diversified, closed-end management investment company, listed on the New York Stock Exchange under the symbol "APB." The investment objective of the Fund is to achieve long-term capital appreciation through investment primarily in equity securities in the Asia Pacific countries (excluding Japan). The Fund is managed by Baring Asset Management (Asia) Limited. For further information on The Asia Pacific Fund, please call our toll free line at 1-888-4-ASIA-PAC or visit www.asiapacificfund.com.
Information about Value Partners Group is available at www.valuepartners.com.hk.
