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RNS Number : 8700H

Advance Emerging Capital Limited

22 May 2014

Advance Emerging Capital Limited

Senior management changes at Advance Emerging Capital

Advance Emerging Capital, the Investment Manager of Advance Developing Markets Fund Limited, Advance Frontier Markets Fund Limited and Advance Umbrella Fund plc, today announces that Dr. Slim Feriani, Chief Investment Officer, will be appointed Executive Chairman of the Board of Directors of Advance Emerging Capital with effect from 1(st) July 2014.

Dr. Feriani has acted as CIO of Advance Emerging Capital since 2005 and the Company has benefitted from his experience and expertise during this period. The Company is pleased that he has accepted the appointment as Executive Chairman with effect from 1(st) July 2014 and that it will continue to be able to access Dr. Feriani's expertise in this new role, in which he will focus more on business and strategic issues for the group.

From 1(st) July 2014, CIO responsibilities will pass to Bernard Moody and Andrew Lister who will be jointly responsible for the management of Advance Emerging Capital's various products. Bernard and Andrew are long standing and senior members of the Advance Emerging Capital Investment Team, with 28 years' combined experience of investing in emerging and frontier markets through both open and closed end funds.

Commenting on the changes, Dr. Slim Feriani said: "I could not be more pleased to announce that these two long standing and highly experienced members of the investment team will soon share responsibilities as Co-CIOs of Advance Emerging Capital. Our clients have developed an active business relationship with them both over their long tenures at the Company. I believe that together with the other members of the well-resourced and stable team, they will deliver strong performance for our clients over the coming years."

Bernard Moody said: "I am delighted to be taking on the role of Co-CIO of Advance Emerging Capital with Andrew. We have worked together for 8 years at Advance Emerging Capital and look forward to continuing to deliver strong performance for our clients."

Andrew Lister added: "After 13 years working at Advance Emerging Capital I am very pleased to have been appointed Co-CIO with Bernard. The team and I continue to believe in the long term prospects for both emerging and frontier markets and that the investment process we employ affords investors differentiated exposure to these asset classes."

For further information, please contact:

Roger Allen

Business Development Director

Advance Emerging Capital

rallen@advance-emerging.com

+44 20 7016 0030

For media enquiries:

Ed Gascoigne-Pees

Head of Communications

Advance Emerging Capital

edward.gascoigne-pees@advance-emerging.com

+44 (0)7884 001 949

This information is provided by RNS

The company news service from the London Stock Exchange

END

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