The Indonesia Fund, Inc. Announces New Advisory Agreement with Aberdeen Asset Management Asia Limited
July 01 2009 - 10:07AM
PR Newswire (US)
PHILADELPHIA, July 1 /PRNewswire-FirstCall/ -- The Indonesia Fund,
Inc. (NYSE Amex: IF) (the "Fund") announced today that it had
entered into a new Advisory Agreement with Aberdeen Asset
Management Asia Limited ("AAMAL") effective as of July 1, 2009. The
Fund's existing interim Advisory Agreement with AAMAL terminated on
July 1, 2009. After extensive deliberations over several months, on
March 18, 2009, the Board of Directors of the Fund, which is
comprised entirely of independent directors, unanimously approved
the new Advisory Agreement with AAMAL. Shareholders subsequently
approved the new Advisory Agreement on June 10, 2009. As previously
announced, on December 31, 2008, Aberdeen Asset Management PLC, the
corporate parent of AAMAL, signed an agreement to purchase parts of
the Global Investors traditional asset management business of
Credit Suisse, the corporate parent of Credit Suisse Asset
Management, LLC ("CSAM"), the former investment adviser to the
Fund. The closing of this transaction with respect to CSAM occurred
April 30, 2009, at which time the Fund entered into the interim
Advisory Agreement with AAMAL, and the closing of the remainder of
the transaction occurred on June 30, 2009. Aberdeen PLC is the
parent company of an asset management group managing assets for
both institutional and retail clients from offices around the
world. Aberdeen PLC manages assets totalling $219 billion as of May
31, 2009, following completion of the acquisition. Aberdeen has
been managing U.S. registered closed-end funds since December of
2000 and with the closing of the Credit Suisse transaction now
manages or serves as the sub-adviser to the following funds
aggregating $3.4 billion total net assets as of July 1, 2009: --
Aberdeen Asia-Pacific Income Fund, Inc. ("FAX") -- Aberdeen
Australia Equity Fund, Inc. ("IAF") -- Aberdeen Global Income Fund,
Inc. ("FCO") -- First Trust/ Aberdeen Global Opportunity Income
Fund, Inc. ("FAM") -- First Trust/Aberdeen Emerging Opportunity
Fund, Inc. ("FEO") -- The Indonesia Fund, Inc. ("IF") -- The Chile
Fund, Inc. ("CH") -- The Emerging Markets Telecommunications Fund,
Inc. ("ETF") -- The First Israel Fund, Inc. ("ISL") -- The Latin
America Equity Fund, Inc. ("LAQ") Cautionary statement regarding
forward-looking information. Statements made in this release that
look forward in time involve risks and uncertainties and are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such risks and
uncertainties include, without limitation, the adverse effect from
a decline in the securities markets or a decline in a Fund's
performance, a general downturn in the economy, competition from
other closed-end investment companies, changes in government policy
or regulation, inability of a Fund's investment adviser to attract
or retain key employees, inability of a Fund to implement its
investment strategy, inability of a Fund to manage rapid expansion
and unforeseen costs and other effects related to legal proceedings
or investigations of government and self-regulatory organizations.
If you wish to receive this information electronically, please
contact . DATASOURCE: The Indonesia Fund, Inc. CONTACT: Media
Relations, +1-866-839-5205, Web Site:
http://www.aberdeen-asset.com/
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