The Latin America Equity Fund, Inc. Announces New Advisory Agreements with Aberdeen Asset Management Investment Services Limited
July 01 2009 - 10:09AM
PR Newswire (US)
PHILADELPHIA, July 1 /PRNewswire-FirstCall/ -- The Latin America
Equity Fund, Inc. (NYSE AMEX: LAQ) (the "Fund") announced today
that it had entered into a new Advisory Agreement with Aberdeen
Asset Management Investment Services Limited ("AAMISL") and a new
Sub-Advisory Agreement with the Fund's existing sub-adviser, Celfin
Capital Servicios Financieros S.A. ("Celfin"), each effective as of
July 1, 2009. The Fund's existing Advisory Agreement with Credit
Suisse Asset Management, LLC ("CSAM"), and the existing
Sub-Advisory Agreement among the Fund, CSAM and Celfin each
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 AAMISL and new
Sub-Advisory Agreement with Celfin. Shareholders subsequently
approved the new Agreements on May 8, 2009. As previously
announced, on December 31, 2008, Aberdeen Asset Management PLC, the
corporate parent of AAMISL, signed an agreement to purchase parts
of the Global Investors traditional asset management business of
Credit Suisse, the corporate parent of CSAM. The closing of this
transaction with respect to CSAM occurred 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 If you wish to receive this
information electronically, please contact DATASOURCE: The Latin
America Equity Fund, Inc. CONTACT: Media Relations,
+1-866-839-5205, Web Site: http://www.aberdeen-asset.com/
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