Taiwan

The Taiwan Fund selects AllianzGI as investment manager

The Taiwan Fund has selected Allianz Global Investors US (AllianzGI) as the fund's new investment manager.

AllianzGI replaces the fund's existing investment advisory arrangements with Martin Currie and APS Asset Management. 
 
As previously announced by the fund, APS has notified Martin Currie of termination of the sub-advisory agreement between Martin Currie and APS effective 22 February 2014.  
 
The proposed investment management agreement between the fund and AllianzGI is subject to approval by the fund's stockholders at the annual meeting of stockholders scheduled for 22 April 2014; however, the fund expects that AllianzGI will commence serving as the fund's investment manager under an interim investment management agreement on or before 22 February 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 per cent of the fund's average daily net assets for the first USD150m of the fund's average daily net assets, (2) 0.80 per cent of the fund's average daily net assets for the next USD150m of the fund's average daily net assets and (3) 0.70 per cent of the fund's average daily net assets in excess of USD300m.  These fees would represent a reduction of 0.05 per cent, with respect to the first USD150m 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.

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