Our Firm abrdn Asia is headquartered in Singapore and is a wholly owned subsidiary of abrdn Holdings Limited. abrdn Asia has been registered with the SEC as an investment adviser since 2003. abrdn Holdings Limited is a wholly owned subsidiary of abrdn plc. The asset management business of abrdn plc operates under the name abrdn. In addition to abrdn Asia, abrdn Inc., and abrdn Investments Limited are wholly owned subsidiaries of abrdn Holdings Limited. abrdn ETFs Advisors LLC is a wholly owned subsidiary of abrdn Inc.. abrdn Private Equity (Europe) Limited and abrdn Capital Partners LLP, both based in Edinburgh, Scotland, are also subsidiaries of abrdn plc. abrdn Asia, abrdn Inc., abrdn Investments Limited, abrdn ETF Advisors LLC, abrdn Private Equity (Europe) Limited, and abrdn Capital Partners LLP (collectively, “we”, “abrdn” or “the Advisers”) are registered as investment advisers with the Securities and Exchange Commission (the "SEC"). In rendering investment advisory services, the Advisers may share resources, including personnel and facilities, and research information. The Advisers may also use the resources of other subsidiaries of abrdn plc. The Advisers have entered into Memorandums of Understanding (“MOU”) and have elected to appoint as access persons certain individuals who are employed by affiliated offshore unregistered advisers. These individuals render portfolio management, research and trading services to the Advisers' clients. Advisory Services abrdn Asia provides its clients with discretionary and non-discretionary asset management and related services across a broad range of investment strategies and asset classes. Our business is predominantly the active management of financial assets, using first-hand research to make our investment decisions. Managed asset classes include equities, fixed income securities, and real assets. We offer solutions that can blend our abilities across different asset classes to provide tailored investment outcomes to meet specific client needs. See Item 8 (Methods of Analysis, Investment Strategies and Risk of Loss) for additional information regarding our advisory services. We also offer investment advisory services to separate account and/or investment advisory clients seeking to make investments in private investment funds. Our investment expertise is delivered through both segregated and pooled products – allowing us to serve a range of clients from institutions to private investors. We offer investment advisory services with regard to investments in both domestic and global securities to a variety of clients, insurance products, and pooled funds, including investment companies registered under the Investment Company Act of 1940, as amended (“1940 Act”). We provide a variety of asset management capabilities, including:
• managing or sub-advising various open-end or closed-end investment companies registered under 1940 Act;
• offering professional money management services for separately managed accounts, which include providing continuous advice to clients based on individual needs concerning the investment of funds and related activities including, but not limited to trading and cash management;
• providing investment services to international open-end and closed-end funds, as well as various private or institutional mandates sourced globally;
• offering investment services to certain limited partnerships and similar private funds;
• offering segregated and pooled vehicles focusing on European, or other global property mandates;
• offering global and regional fund of funds products (hedge fund, private equity, venture capital, real assets and property);
• offering model investment portfolios that can be bought through sponsor firms; and
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customizing solutions for clients, including but not limited to those seeking specific exposure or risk/return characteristics within their alternative investment allocations. abrdn Asia also create seed or incubator accounts in order to develop performance track records in new investment strategies or products prior to offering them to outside investors. Tailoring Services to Client Needs We typically manage client accounts on a discretionary basis; however, we will manage client accounts on a non-discretionary basis subject to client instruction. We make investments for clients in accordance with mutually agreed upon written investment guidelines and provide continuous supervision of client portfolios. Investment services may be tailored for each client’s specific needs and objectives, and clients may impose reasonable restrictions on investing in certain securities or types of securities. We have established procedures and controls to help ensure compliance with each client’s specific investment guidelines and any client-imposed restrictions. Where we are the investment adviser to a pooled investment vehicle, investment objectives, guidelines and any investment restrictions are not typically tailored to the needs of individual investors in those vehicles, but rather are described in the prospectus or other relevant offering document for the vehicle. The advisory or sub- advisory fee is subject to negotiation and is fully disclosed to clients. Upon request, clients may also receive investment advice on a more limited basis through advisory or consulting-like services, including advice on isolated areas of concern such as special projects or a specific topic. Clients wishing to engage abrdn for consulting services will be required to enter into a written agreement and may be subject to certain fees and conditions. We sometimes enter into “side letter” agreements with certain prospective or existing investors (including investors affiliated with abrdn) granting them, among other things, fee waivers or reductions, future capacity rights in a fund, interests or shares having different voting rights or restrictions, reduced minimum subscription amounts, additional rights to reports and other information and other more favorable terms than the terms that are described in the relevant offering memorandum. The funds that enter into these arrangements have no obligation to offer such differing or additional rights, terms or conditions to all interest holders, and abrdn may or may not offer similar differing or additional rights, terms or conditions to other clients in customized discretionary accounts it manages or to non-discretionary accounts to which it provides investment advice. In rare instances where abrdn is provided with enhanced portfolio disclosure from other managers (including potentially material non-public information concerning the portfolio holdings of an underlying fund pursuant to a confidentiality agreement with the underlying fund or its manager), abrdn will not be able to share information concerning such holdings or information or the fact of the existence of such a confidentiality agreement with advisory clients unless specifically authorized to do so by the underlying fund or its manager. The relevant disclosures regarding markets, risks, strategy, benchmarks, fees, expenses and other investment details will be detailed in the offering memorandum of the vehicle. Assets under Management As of December 31, 2023, abrdn Asia had approximately $48.3 billion in assets under management (AUM) on a discretionary basis, and approximately $0.4 billion in assets under advisement on a non-discretionary basis, and total assets under management/advisement of approximately $48.7 billion.