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.