Advance Developing Markets Fund Limited (the "Company")
The Board of Directors of the Company announces that on 14 June 2012 Richard Hotchkis retired as a Director of the Company. The Board would like to thank Richard for his highly valuable contribution to the Company since its formation.
In addition, the Board is pleased to announce that William Collins has been appointed to the Board as a non-executive Director with effect from 14 June 2012. Mr Collins has many years of experience in banking and investment and since September 2007 he has been employed by Bank Sarasin in Guernsey as Director - Private Clients. Prior to this he was employed by the Barings Group in Guernsey for over 18 years and was appointed a director of Barings (Guernsey) Limited in 1995. In 2003 he was appointed Managing Director of Baring Asset Management (C.I.) Limited, a position he held until his resignation in August 2007. During his time with Barings he was responsible for the management of portfolios for private clients and pension funds and was a director of a number of Baring Asset Management fund companies based in Guernsey and Dublin. Prior to joining Barings in 1988, Mr Collins was employed by the Bank of Bermuda in Bermuda, Hong Kong and Guernsey. He is an Associate of the Chartered Institute of Bankers, a Member of the Securities and Investment Institute and a Member of the Institute of Directors.
Mr Collins' non- executive directorships in other listed companies:
Crystal Amber Fund Limited
Dexion Absolute Limited
The Company confirms that there is no further information to be disclosed pursuant to Listing Rule 9.6.13R.
For further information please contact:
Advance Emerging Capital Limited (Investment Manager to Advance Developing Markets Fund Limited)
Dr Slim Feriani Tel: +44 (0)20 7016 0030
Cavendish Administration Limited (UK Administration Agent)
Anthony Lee Tel: +44 (0)20 7490 4355
Legis Fund Services Limited
Lisa Garnham Tel: +44 (0)1481 726034
Ordinary Shares - Listing Category: Premium - Equity Closed-ended Investment Funds
15 June 2012