SOURCE: The Asia Pacific Fund
June 27, 2013 17:00 ET
NEWARK, NJ--(Marketwired - Jun 27, 2013) - The Asia Pacific Fund, Inc. (the "Fund") (NYSE: APB) announced today that the Fund and Baring Asset Management (Asia) Limited ("Barings") have agreed to the termination of the investment management agreement between them upon the approval by the stockholders of the Fund of an investment management agreement between the Fund and Value Partners Hong Kong Limited ("Value Partners") at a special meeting of stockholders scheduled to be held on September 6, 2013.
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 $9.3 billion as at May 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: "The Board selected Value Partners after a comprehensive review of potential investment managers, and we are enthusiastic about Value Partners' investment team and plans for the Fund." He further commented, "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."
Barings has agreed to serve as investment manager to the Fund pursuant to the current investment management agreement until stockholder approval of the agreement with Value Partners has been obtained. Stockholders of record as of the close of business on July 8, 2013 are eligible to vote at the special meeting on September 6, 2013 and at the Fund's annual meeting of stockholders, which will be held on the same day.
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.
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