The First Israel Fund, Inc. Announces New Advisory Agreements With Aberdeen Asset Management Investment Services Limited and Ana
02 July 2009 - 12:00AM
PR Newswire (US)
PHILADELPHIA, July 1 /PRNewswire-FirstCall/ -- The First Israel
Fund, Inc. (NYSE Amex: ISL) (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,
Analyst Exchange and Trading Services Ltd. ("Analyst Exchange"),
each effective as of July 1, 2009. The Fund's existing Advisory
Agreement with Credit Suisse Asset Management, LLC ("CSAM"), the
existing Sub-Advisory Agreement among the Fund, CSAM and Analyst
Exchange and the existing Sub-Advisory Agreement among the Fund,
CSAM and Credit Suisse Asset Management Limited (U.K.) ("CSAM UK")
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 Analyst Exchange. Shareholders
subsequently approved the new Agreements on June 10, 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 and CSAM UK
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 wish to receive this
information electronically, please contact DATASOURCE: The First
Israel Fund, Inc. CONTACT: Media Relations, +1-866-839-5205, Web
Site: http://www.aberdeen-asset.com/
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