PHILADELPHIA, May 7, 2018 /PRNewswire/ -- At close of
regular business on May 4, 2018,
Aberdeen Asset Managers Limited ("AAML"), part of Aberdeen Standard
Investments ("ASI"), completed the previously announced agreement
with Alpine Woods Capital Investors, LLC ("Alpine") to transfer
certain assets related to the investment management business of
Alpine (the "AAML/Alpine Agreement") following the appropriate
shareholder approvals, including the approval of new investment
advisory agreements for three closed-end funds (and for AWP, also a
subadvisory agreement with Aberdeen Asset Management Inc., or
"AAMI") and respective shareholder approval of reorganizations of
Alpine-advised mutual funds into a newly organized series of
Aberdeen Funds, with more than $3.6
billion in assets under management.
Closed-end funds
ASI assumed responsibility for the management of Alpine Global
Dynamic Dividend Fund ("AGD"), Alpine Total Dynamic Dividend Fund
("AOD") and Alpine Global Premier Properties Fund ("AWP") (each a
"Fund" and collectively, the "Funds") from Alpine. As noted within
each Fund's proxy statement, the Fund names will be changed in
order to identify the manager more closely with the Funds and to
differentiate them in a competitive market with many known brands.
The current investment policies and strategies of the Funds will
remain unchanged, so there will be continuity of strategy for the
Funds. AAML and its affiliates have extensive experience managing
U.S. registered closed-end funds, with dedicated fund support. The
name changes are as follows:
Prior Fund
Name
|
Ticker
|
New Fund
Name
|
Assets under
Management (US$)
as of
5/1/2018
|
Web
Address
|
Alpine
Global
Premier Properties
Fund
|
AWP
|
Aberdeen Global
Premier Properties Fund
|
$605,244,836
|
aberdeenawp.com
|
Alpine
Total
Dynamic Dividend
Fund
|
AOD
|
Aberdeen Total
Dynamic
Dividend Fund
|
$1,077,487,441
|
aberdeenaod.com
|
Alpine
Global
Dynamic Dividend
Fund
|
AGD
|
Aberdeen Global
Dynamic Dividend Fund
|
$145,458,046
|
aberdeenagd.com
|
In connection with the closing of the acquisition and
shareholder approval, effective as of May 4,
2018, the four new Trustees of AWP, AOD and AGD are P.
Gerald Malone, Martin Gilbert, Nancy
Yao Maasbach and John
Sievwright.
The day-to-day management of AOD and AGD will be the
responsibility of ASI's Global Equity team, and AWP will be managed
by the Global Real Estate team. The teams work in a collaborative
fashion, with all team members having both portfolio management and
research responsibilities. ASI welcomed two new colleagues from
Alpine Woods to join the teams managing AOD and AGD; Joshua Duitz has joined the Global Equity Team
and will work primarily on the dynamic dividend funds which he has
managed since 2012 and Bruce
Ebnother, managing the real estate products since 2011, has
joined the Global Real Estate team.
Mutual Funds
Following the reorganization approved by shareholders, each
target fund below transferred all of its assets and liabilities to
the corresponding acquiring fund.
Target Funds Each
a Series of
Alpine Series Trust
|
Surviving Funds
Each a Series of Aberdeen Funds
|
Assets under
Management (US$)
as of May 1,
2018
|
Alpine Dynamic
Dividend Fund
|
Aberdeen Dynamic
Dividend Fund
|
$160,546,376
|
Alpine Rising
Dividend Fund
|
Aberdeen Income
Builder Fund
|
$98,983,628
|
Alpine Global
Infrastructure Fund
|
Aberdeen Global
Infrastructure
Fund
|
$124,218,036
|
Alpine International
Real Estate Equity Fund
|
Aberdeen
International Real
Estate Equity Fund
|
$122,633,898
|
Alpine Realty Income
and Growth Fund
|
Aberdeen Realty
Income and
Growth Fund
|
$91,706,123
|
Alpine High Yield
Managed Duration Municipal Fund
|
Aberdeen High Yield
Managed
Duration Municipal Fund
|
$211,938,198
|
Alpine Ultra Short
Municipal Income Fund
|
Aberdeen Ultra Short
Municipal
Income Fund
|
$997,691,189
|
The day-to-day management of the Aberdeen Dynamic Dividend Fund
and Aberdeen Global Infrastructure Fund will be the responsibility
of ASI's Global Equities team. The two fixed-income funds, Aberdeen
High Yield Managed Duration Municipal Fund and Aberdeen Ultra Short
Municipal Income Fund, will be managed by ASI's U.S. Fixed Income
team. The day-to-day management of the Aberdeen International Real
Estate Equity Fund and Aberdeen Realty Income and Growth Fund will
be the responsibility of ASI's Global Real Estate team. The
Aberdeen Income Builder Fund will be managed by ASI's U.S. Equity
team.
In addition to Josh Duitz and
Bruce Ebnother noted above, ASI
welcomed Jonathan Mondillo and
Mark Taylor from Alpine who will
join ASI's U.S. Fixed Income team. Joshua
Duitz joined the Global Equity team and will work primarily
on the Aberdeen Dynamic Dividend Fund and Aberdeen Global
Infrastructure Fund, which he has managed since 2012. Bruce Ebnother, who has managed real estate
products since 2011, joined the Global Real Estate team.
Jonathan Mondillo and Mark Taylor will continue to work on the
Aberdeen High Yield Managed Duration Municipal Fund and Aberdeen
Ultra Short Municipal Income Fund which they have managed since
2015 and 2016, respectively.
Aberdeen Asset Management PLC, the parent company of AAML and
AAMI, is an independent asset manager founded in 1983 and is a
subsidiary of Standard Life Aberdeen plc. Standard Life Aberdeen
plc and its affiliates offer a comprehensive range of investment
capabilities, and overall manage worldwide assets of with
$778.8 billion as of December 31, 2017, on behalf of clients in 80
countries. Closed-end investment management companies have formed
part of Aberdeen's business since
its inception and remain an important element of its client base in
the United States and
globally.
Notes to editors
- Aberdeen Standard Investments has relationships with around 500
financial sponsors across approximately 1000 funds globally.
- Aberdeen Standard Investments is a leading global asset manager
dedicated to creating long-term value for our clients, and is a
brand of the investment businesses of Aberdeen Asset Management and
Standard Life Investments.
- With over 1,000 investment professionals we manage $684.6 billion* of assets worldwide. We have
clients in 80 countries supported by 50 relationship offices. This
ensures we are close to our clients and the markets in which they
invest.
- We are high-conviction, long-term investors who believe
teamwork and collaboration are the key to delivering repeatable,
strong investment performance. We are resolute in our commitment to
active asset management.
- Aberdeen Standard Investments is the asset management business
of Standard Life Aberdeen plc, one of the world's largest
investment companies.
- Standard Life Aberdeen plc is headquartered in Scotland. It has around 1.2 million
shareholders and is listed on the London Stock Exchange. The
Standard Life Aberdeen group was formed by the merger of Standard
Life plc and Aberdeen Asset Management PLC on August 14, 2017.
*Standard Life Aberdeen AUM/AUA is US$778.8 billion as of December 31, 2017.
Important Information
Aberdeen Standard Investments is
a brand of the investment businesses of Aberdeen Asset Management
and Standard Life Investments. In the
United States, Aberdeen Standard Investments is the
marketing name for the following affiliated, registered investment
advisers: Aberdeen Asset Management Inc., Aberdeen Asset Managers
Ltd., Aberdeen Asset Management Ltd., Aberdeen Asset Management
Asia Ltd., Aberdeen Asset Capital Management, LLC, Standard Life
Investments (Corporate Funds) Ltd., and Standard Life Investments
(USA) Ltd.
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