|By PR Newswire||
|January 24, 2014 12:33 PM EST||
NEW YORK, Jan. 24, 2014 /PRNewswire/ -- The Taiwan Fund, Inc. (NYSE: TWN) (the "Fund"), announced today that the Fund's Board of Directors has selected Allianz Global Investors U.S. LLC ("AllianzGI") as the Fund's new investment manager to replace the Fund's existing investment advisory arrangements with Martin Currie, Inc. ("Martin Currie") and APS Asset Management PTE Ltd. ("APS"). As previously announced by the Fund, APS has notified Martin Currie of termination of the Sub-Advisory Agreement between Martin Currie and APS effective February 22, 2014.
The proposed Investment Management Agreement between the Fund and AllianzGI (the "Proposed Agreement") is subject to approval by the Fund's stockholders at the Annual Meeting of Stockholders scheduled for April 22, 2014; however, the Fund expects that AllianzGI will commence serving as the Fund's investment manager under an Interim Investment Management Agreement (the "Interim Agreement") on or before February 22, 2014.
Under the Proposed Agreement and the Interim Agreement, the total management fees paid by the Fund would be a monthly fee at an annual rate of (1) 0.85% of the Fund's average daily net assets for the first U.S. $150 million of the Fund's average daily net assets, (2) 0.80% of the Fund's average daily net assets for the next U.S. $150 million of the Fund's average daily net assets and (3) 0.70% of the Fund's average daily net assets in excess of U.S. $300 million. These fees would represent a reduction of 0.05%, with respect to the first $150 million of the Fund's average daily net assets, from the fees paid to Martin Currie under the existing investment management agreement.
The Fund is a diversified closed-end investment company, which seeks long term capital appreciation primarily through investments in equity securities listed on the Taiwan Stock Exchange. Shares of the Fund are listed on the New York Stock Exchange under the ticker symbol "TWN."
For additional information on the Fund, including information on the Fund's holdings, visit the Fund's website at www.thetaiwanfund.com or call 1-877-864-5056.
SOURCE The Taiwan Fund, Inc.