The Taiwan Fund, Inc. Announces Selection of JP Morgan Subsidiary as Investment Manager; Special Meeting of Stockholders: Adoption of Majority Voting for Directors and Discount Management Policy
By a News Reporter-Staff News Editor at China Weekly News -- The Taiwan Fund, Inc. (TWN) (the "Fund"), announced that the Fund's Board of Directors has selected JF International Management Inc. ("JFIMI") to serve as the Fund's new investment manager to replace the Fund's existing investment management arrangement with Allianz Global Investors U.S. LLC ("AllianzGI"). JFIMI is an indirect wholly-owned subsidiary of JPMorgan Chase & Co. JFIMI will commence managing the Fund's portfolio under an interim investment management agreement (the "Interim Agreement") no later than July 22, 2014 and, subject to approval by the Fund's stockholders, will enter into an investment management agreement (the "Proposed Agreement") with the Fund.
The Fund will hold a Special Meeting of Stockholders on September 22, 2014 to approve the agreement with JFIMI. The record date for the Special Meeting will be July 31, 2014.
Under the Proposed Agreement, the total management fees paid by the Fund would be computed daily and payable monthly at an annual rate of (1) 0.90% of the Fund's average daily net assets for the first U.S. $150 million of the Fund's net assets, (2) 0.80% of the Fund's average daily net assets for the next U.S. $150 million of the Fund's net assets and (3) 0.70% of the Fund's average daily net assets in excess of U.S. $300 million. These fees would be at the same rates as the fees paid to the Fund's previous investment manager, Martin Currie, Inc. The Fund's investment management agreement with Martin Currie, Inc. terminated on February 22, 2014. JFIMI will not receive a fee under the terms of the Interim Agreement.
Keywords for this news article include: Asia, Investment and Finance, Taiwan, The Taiwan Fund, The Taiwan Fund Inc.
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