TIDMAAIF
RNS Number : 4976J
abrdn Asian Income Fund Limited
16 August 2023
ABRDN ASIAN INCOME FUND LIMITED (the "Company")
LEI Identifier: 549300U76MLZF5F8MN87
Announcement regarding service providers
16 August 2023
The Board of abrdn Asian Income Fund Limited is pleased to
announce that following its announcement in February, the Company
has concluded a reorganisation of its investment management
arrangements with abrdn plc ("abrdn" and the "Reorganisation"). The
Company continues to be serviced by its abrdn Singapore based
manager and the Reorganisation will not affect the operation of the
Company.
Summary
In summary, the Company has appointed a new, Jersey based,
regulated administrator JTC Fund Solutions (Jersey) Limited ("JTC")
to carry out the Jersey regulatory function with effect from 15
August 2023. All investment management and fund administration
functions will continue to be provided by the abrdn group through
its Singapore based Asian Equity team and or UK fund administration
team through the direct appointments of abrdn Asia Limited and
abrdn Investments Limited respectively. As a result, day-to-day
investment decisions and management of the Company will not be
impacted by the Reorganisation. There are no changes to the
management fee as a result of the Reorganisation and the
administration fee charged by JTC will be met by abrdn . Further
details of the Reorganisation are set out below.
Please note that no action is required by shareholders in
respect of this announcement, it is for information purposes
only.
Background
abrdn Capital International Limited ("aCIL"), the Company's
manager and a subsidiary of abrdn, currently provides Jersey
regulatory functions to the Company. However, once the sale of the
discretionary fund business in the UK and Jersey to LTG UK Holdings
Limited completes later in the year, aCIL will no longer form part
of the abrdn group. As a consequence, the Board has been consulting
with abrdn to agree a suitable replacement structure that will not
disadvantage the Company's shareholders in any way and ensures the
continuation of the investment management function by the abrdn
team in Singapore.
Details of the Reorganisation
With effect from 15 August 2023, the Company's current
appointment of aCIL will cease (including all sub-delegations) and
will be replaced by direct appointments of:
a) abrdn Asia Limited ("aAL") (the Company's existing Singapore
based investment manager and a wholly owned subsidiary of abrdn
plc) to provide portfolio and risk management services and to act
as the Company's non-EU 'alternative investment fund manager' for
the purposes of the Alternative Investment Fund Managers Directive
2011/61/EU pursuant to a new investment management agreement;
and
b) abrdn Investments Limited ("aIL") (a UK based wholly owned
subsidiary of abrdn plc, authorised and regulated by the Financial
Conduct Authority ) to provide general administrative and advisory
services, fund accounting, secretarial, marketing and promotional
activities as well as group risk and compliance reporting to the
Company pursuant to a new investment management agreement .
Both aAL and aIL will continue to provide such services as were
previously provided by way of delegations from aCIL. Fund
accounting will continue to be sub-delegated by aIL to BNP Paribas
Securities Services, London Branch ( " BNPP " ). No changes are
being made to the Company's custody arrangements which will
continue to be provided by BNPP and the Company's registrar will
remain Link Market Services (Jersey) Limited.
In addition, from 15 August 2023, the Company will appoint JTC
under an administration agreement between JTC and the Company to
provide certain Jersey based services including, but not limited to
Jersey administration services and compliance with applicable
Jersey codes (including provision of a compliance officer, money
laundering reporting officer and money laundering compliance
officer). JTC will also be responsible for monitoring the daily and
monthly net asset value figures calculated and provided by aIL. JTC
will provide a registered office and company secretarial
services.
JTC is a wholly owned subsidiary of JTC PLC (listed on the Main
Market of the London Stock Exchange and is a FTSE250 constituent)
and is regulated by the Jersey Financial Services Commission
("JFSC") for the conduct of both trust company business and fund
services business. JTC specialises in global fund administration
services across key jurisdictions with enhanced system usage and
automation across bespoke and industry leading platforms.
Shareholders are not required to deal directly with JTC, aAL, or
aIL in respect of the activities referred to above.
The Reorganisation has received regulatory approval from the
JFSC and this notification is made in accordance with paragraph
3.2.2.5 of the JFSC's Outsourcing Policy and Guidance Notes issued
1 March 2017 (the "Outsourcing Policy") in connection with
appointments made by the Company.
There are no changes to the fees paid by the Company for the
services to be provided as a result of the Reorganisation, as the
administration fee payable to JTC will be rebated to the Company
out of the investment management fee paid to abrdn.
Conflicts
aAL and aIL are committed to treating their clients and
shareholders fairly and have implemented procedures and processes
to ensure that this is the case. In particular, aAL and aIL have
approved and adopted the Conflicts of Interests Policy of the abrdn
Group, further details of which can be found in aAL's
pre-investment disclosure document relating to the Company on the
Company's website www.abrdn-asia.co.uk.
Registered office
The Company's new registered office is located at 28 Esplanade,
St Helier, Jersey JE2 3QA. Its new telephone number is 01534 700
000 .
The registered offices of aAL, aIL and JTC are as follows:
-- abrdn Asia Limited - 7 Straits View, #23-04, Marina One East Tower, Singapore 018936
-- abrdn Investments Limited - 10 Queen's Terrace, Aberdeen,
Aberdeenshire, United Kingdom, AB10 1XL
-- JTC Fund Services (Jersey) Limited - 28 Esplanade, St Helier, JE2 3QA, Jersey
Costs
The costs associated with the Reorganisation have been
underwritten by abrdn.
Contact:
abrdn Investments Limited Maria Allen 020 3680 0305
Helen
Mattia 0755 401 0422
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END
MSCGRGDIISBDGXL
(END) Dow Jones Newswires
August 16, 2023 03:50 ET (07:50 GMT)
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