A closed-end fund shareholder group that had stalled Aberdeen Asset Management's acquisition of EquitiLink Group, has worked out a deal that will double its stake in the First Australia Fund, clearing the way for the deal to proceed as planned.

Aberdeen Asset Management of London agreed to acquire Equitilink Group of Sydney, Australia in late October for $80 million. The deal required the First Australia Fund to seek shareholder approval for a new advisory agreement between it and Equitilink Group.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.