Click here to close now.

SYS-CON MEDIA Authors: AppDynamics Blog, Ian Goldsmith, Ed Featherston, Elizabeth White, Pat Romanski

News Feed Item

The Swiss Helvetia Fund, Inc. Announces Filing Of Preliminary Proxy Materials; Proposal To Stockholders To Approve New Investment Advisory Arrangements With Schroders

NEW YORK, April 18, 2014 /PRNewswire/ -- The Swiss Helvetia Fund, Inc. (NYSE: SWZ), a non-diversified registered closed-end investment company, announced today that it has filed preliminary proxy materials (the "Proxy Materials") with the Securities and Exchange Commission (the "SEC") in connection with the Fund's 2014 Annual Meeting of Stockholders (the "Meeting").  The preliminary Proxy Materials include a proposal to the Fund's stockholders to approve new investment advisory arrangements for the Fund (the "Proposed Advisory Arrangements") with Schroder Investment Management North America Inc. ("SIMNA"), and its affiliate, Schroder Investment Management North America Limited ("SIMNA Ltd" and together with SIMNA, "Schroders").  If approved by the Fund's stockholders, the Proposed Advisory Arrangements would replace the investment advisory agreement between the Fund and its current investment adviser, Hottinger Capital Corp. ("HCC"). 

At the end of 2013, the Fund retained an investment management consultant at the request of the non-interested members of the Fund's Board of Directors (the "Independent Directors") to assist them in identifying and evaluating possible successor investment advisers with proven expertise in managing a portfolio of Swiss equities, due to the Independent Directors' concerns regarding various regulatory, management and other developments involving HCC's parent that could affect the ownership and structure of HCC's parent and management of the Fund.  As described in further detail in the preliminary Proxy Materials, after a lengthy and competitive process, the Independent Directors unanimously voted to approve, and recommend to the Fund's stockholders for their approval at the Meeting, an investment advisory agreement between the Fund and SIMNA and a sub-advisory agreement between SIMNA and SIMNA Ltd. 

The Independent Directors selected Schroders based on various factors, including the following: (i) the investment track record, investment process and investment philosophy of the proposed portfolio management team; (ii) the breadth of experience and resources of Schroders as part of a global asset management company with $435.4 billion under management, including experience in supporting, distributing and servicing funds, including other funds registered under the Investment Company Act of 1940, as amended; and (iii) the proven experience and capabilities of the proposed portfolio management team in managing a portfolio of Swiss equities.  In addition, as a result of the competitive process, the Proposed Advisory Arrangements will result in an immediate reduction in the Fund's current fee rate.  Based on the Fund's net assets as of December 31, 2013 and assuming that level of assets remained constant for a year, under the Fund's current investment advisory agreement the annual advisory fee payable by the Fund to HCC would be $3,541,331 and under the Proposed Advisory Arrangements the annual advisory fee payable by the Fund to Schroders would be $3,009,443, a savings of $531,888 to the Fund.

The Fund's stockholders must vote to approve each of the Proposed Advisory Arrangements for either of them to be approved and for Schroders to commence providing advisory services to the Fund.  If the Fund's stockholders do not approve both Proposed Advisory Arrangements, HCC would continue to manage the Fund, and the Fund's Board of Directors, including the Independent Directors, would consider what actions, if any, would be appropriate.  As discussed in greater detail in the preliminary Proxy Materials, the Independent Directors believe that the Proposed Advisory Arrangements are in the best interests of the Fund and its stockholders.

The Fund's Board of Directors has fixed the close of business on April 30, 2014 as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting or any adjournments or postponements thereof (the "Record Stockholders").  The Meeting currently is planned to be held on June 27, 2014 in New York City.  A final date and location for the Meeting will be provided in the Fund's definitive Proxy Materials that currently are anticipated to be filed with the SEC and mailed to Record Stockholders in early May 2014.  Stockholders are encouraged to review all of the information contained in the definitive Proxy Materials before voting in person or by proxy at the Meeting. 

*          *          *          *          *

About The Swiss Helvetia Fund, Inc.

The Fund (www.swz.com) is a non-diversified, closed-end investment company seeking long-term capital appreciation through investment in equity and equity-linked securities of Swiss companies.  Its shares are listed on the NYSE under the symbol "SWZ."  The Fund seeks to achieve its investment objective by investing generally in Swiss equity and equity-linked securities that are traded on a Swiss stock exchange, traded at the pre-bourse level of one or more Swiss stock exchanges, traded through a market maker or traded over the counter in Switzerland.  The Fund also may invest in Swiss equity and equity-linked securities of Swiss companies that are traded on other major European stock exchanges.  The Fund may acquire and hold equity and equity-linked securities of non-Swiss companies in limited circumstances. 

Closed-end funds, unlike open-end funds, are not continuously offered.  Typically, shares of closed-end funds are sold in the open market through a stock exchange.  Shares of closed-end funds frequently trade at a discount to net asset value.  The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund.  Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value.

The Fund is filing today with the SEC its preliminary Proxy Materials (Filing Type: PRE 14A).  The Fund's definitive Proxy Materials currently are anticipated to be filed with the SEC in early May 2014 (Filing Type: DEF 14A).  Stockholders can obtain these documents (when available) free of charge from the SEC's website at www.sec.gov.  The definitive Proxy Materials for the Fund also will be posted (when available) on the Fund's website at www.swz.com.  Stockholders also may call the Fund's proxy solicitor, Georgeson Inc., at 1-866-695-6075 for additional information about the Meeting or to obtain free of charge the definitive Proxy Materials and other definitive documents that may be filed by the Fund with the SEC in connection with the Meeting, when those documents become available.  before making any voting decision, Stockholders of the Fund should read carefully those Proxy Materials and all other relevant documents filed by the fund with the SEC, as they contain important information about the Meeting, the Proposed Advisory Arrangements and other proposals contained therein. 

The Fund, the Independent Directors and Schroders may be deemed to be participants in the solicitation of proxies of the Fund's stockholders in connection with the Meeting.  Stockholders of the Fund may obtain information about the Independent Directors, along with the Fund's interested Directors and executive officers, including their beneficial ownership of shares of the Fund's common stock, and information about Schroders, in the Proxy Materials and other relevant documents (when available) that may be filed by the Fund with the SEC in connection with the Meeting.

SOURCE The Swiss Helvetia Fund, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
MeriTalk, a public-private partnership focused on improving the outcomes of government IT, today announced the results of its new report, "The Agile Advantage: Can DevOps Move Cloud to the Fast Lane?" The study, underwritten by Accenture Federal Services, reveals that approximately two-thirds of Feds say DevOps will help agencies shift into the cloud fast lane - improving IT collaboration and migration speed. But help is needed, with 66 percent saying that their agency needs to move IT services ...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of...
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of present...
One of the biggest challenges when developing connected devices is identifying user value and delivering it through successful user experiences. In his session at Internet of @ThingsExpo, Mike Kuniavsky, Principal Scientist, Innovation Services at PARC, described an IoT-specific approach to user experience design that combines approaches from interaction design, industrial design and service design to create experiences that go beyond simple connected gadgets to create lasting, multi-device exp...
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
Some developers believe that monitoring is a function of the operations team. Some operations teams firmly believe that monitoring the systems they maintain is sufficient to run the business successfully. Most of them are wrong. The complexity of today's applications have gone far and beyond the capabilities of "traditional" system-level monitoring tools and approaches and requires much broader knowledge of business and applications as a whole. The goal of DevOps is to connect all aspects of app...
DevOps is the hottest moving target when it comes to software development methodologies. Many people fear that this fast-paced, barrier-breaking movement will leave information security best practices in the dust. Analysts provide recommendations to security professionals using bingo-laden terms like "moving security to the left" or "get a seat at the table." What we need are real-world examples and tactics for security practitioners to be part of DevOps. In his session at DevOps Summit, Andrew...
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...