Completion of reorganisation

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

 

END