15th Sep 2015 08:40
LONDON (Alliance News) - Advance Frontier Markets Fund Ltd and Advance Developing Markets Fund Ltd Tuesday said that Aberdeen Asset Management PLC will acquire their investment manager Advance Emerging Capital Ltd, for an undisclosed amount.
The transaction it subject to regulatory approval from the UK Financial Conduct Authority, the companies said in separate statements, adding that it is expected to complete during the fourth quarter of 2015.
"The investment management team of AEC will remain unchanged and AEC is expected to benefit from the significant additional resources available from within Aberdeen," the companies said.
Shares in Advance Frontier were trading down 1.2% at 51.00 pence Tuesday morning, while Advance Developing shares were untraded, last quoted at 384.75p.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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