Advance Developing Markets Fund Limited says it is supportive of an agreed takeover of its investment manager Advance Emerging Capital by Aberdeen Asset Management.

The transaction is subject to regulatory approval from the UK Financial Conduct Authority and is expected to complete during the fourth quarter of 2015. ADMF says the investment management team of AEC will remain unchanged and AEC is expected to benefit from the significant additional resources available from within Aberdeen.

At 8:26am:

(LON:ADMF) Advance Developing Markets Fd Ltd share price was -4.5p at 377.5p

(LON:ADN) Aberdeen Asset Management PLC share price was +0.3p at 312.7p