US-registered closed-end investment firm appoints Value Partners as investment manager
10 September 2013
News, Asia, Hong Kong, USA
By Asia Asset Management
Value Partners Hong Kong Limited, a wholly-owned subsidiary of Value Partners Group Limited, has been approved as the investment manager of a US-registered closed-end investment company.
Timothy Tse, CEO of Value Partners, says: “We are honoured to have been chosen as the investment manager for this long-standing and reputable fund, following a comprehensive selection process by the fund’s board of directors.
“Our disciplined value-investing approach and extensive investment experience in Asia Pacific securities enable us to identify opportunities in the region. We look forward to leveraging our strong local presence and research capabilities to deliver value for stockholders of the fund.”
Launched in 1987, the fund is a diversified, closed-end management investment company, listed on the New York Stock Exchange. Its investment objective is to achieve long-term capital appreciation through investment primarily in equity securities in Asia Pacific countries (excluding Japan). As of June 30, 2013, AUM of the fund stood at US$115 million.
The appointment was approved at a special meeting of stockholders on September 6, 2013 and will be effective October 1, 2013. Value Partners has agreed to manage the fund in accordance with its current investment objective and fundamental investment policies and fee structure.
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