Value Partners Hong Kong, a wholly-owned subsidiary of the Value Partners Group. has been approved as the investment manager of a US-registered closed-end investment company.
Launched in 1987, the Fund is a diversified, closed-end management investment company, listed on the New York Stock Exchange.
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Its investment objective is to achieve long-term capital appreciation through investment primarily in equity securities in Asia Pacific countries (excluding Japan). As of 30 June 2013, AUM of the Fund stood at US$115 million.
The appointment was approved at a special meeting of stockholders on 6 September 2013 and will be effective 1 October 2013.
Value Partners has agreed to manage the Fund in accordance with its current investment objective and fundamental investment policies and fee structure.
Timothy TSE, CEO of Value Partners, said. "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."
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