17th Sep 2015 16:55
LONDON (Alliance News) - Advance Frontier Markets Fund Ltd, which invests in funds exposed to frontier markets, said Thursday its net asset value declined by 11.2% in the year ended June 30 to USD0.9597 per share.
During the same period the fund's share price declined by 10.9%, as the discount to NAV narrowed to 6.3% from 6.6%. The stock closed up 0.5% at 52.15 pence on Thursday.
Advance Frontier Markets said the decline in energy and other commodities prices, together with speculation about a potential US interest rate hike, had caused weakness in frontier equity markets during the recent year.
On Tuesday, the fund had said that Aberdeen Asset Management PLC will acquire its investment manager, Advance Emerging Capital Ltd, for an undisclosed amount. It said Thursday its board supports the acquisition. "The investment management team of AEC will remain unchanged, and AEC is expected to benefit from the significant additional resources available from within Aberdeen" Advance Frontier Markets said.
By Tom Waite; [email protected]; @thomaslwaite
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