Southern Africa Fund will search for an investment adviser, although the $53 million closed-end fund is considering liquidation or conversion to an open-end exchange-traded fund. Current adviser Alliance Capital Management will terminate its agreement with the fund on May 3 because the funds independent directors have not acted on Alliances liquidation recommendation, according to a statement from Alliance.
Dave Williams, John Carifa and Frank Savage, directors of both the fund and Alliance, also resigned from the funds board. Alliance recommended liquidation in the best interests of the funds stockholders.
One of the funds shareholders, Harvard Management, couldnt be reached for comment. Harvard Management owned 24.1% of the fund as of Dec. 31, according to an SEC filing,