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From the Opalesque team:
Bramdean's board of directors has decided at yesterday's class meeting and extraordinary general meeting that Bramdean Alternative Limited's name should be changed to Aberdeen Private Equity Fund Limited - although it still needs to be registered with the Registrar of Companies in Guernsey. Bramdean is now called Aberdeen Asset Management Limited.
The investment objective and policy of the Company has also been changed to reflect its primary focus on private equity funds, moving away from the current hybrid objective.
And finally all of the Company's US Dollar shares will convert into Sterling shares, to simplify the capital structure. The NAV should be published around 21 June and the listing of the US Dollar shares will be cancelled on 2 July 2010.
Bramdean Alternative Limited, now to be known as Aberdeen Private Equity Fund Limited, is a Guernsey closed-ended investment company listed on the London Stock Exchange, which invests in a diversified portfolio of private equity funds (49%), hedge funds (9%), specialty funds (2%) and cash. As of 2nd June, the GBP79.8m GBP class's NAV was up 6.84% YTD.
Bramdean appointed Edinburgh-based Aberdeen Asset Managers Limited as the investment manager in place of Bramdean Asset Management LLP in Nov-09, following losses during the credit crisis (the portfolio was down 52% in '08 and was indirectly exposed to Madoff). The appointment resulted in the departure of it invest...................... To view our full article Click here
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