The Taiwan Fund, Inc. Announces Schedule for Selection and Approval of New Investment Adviser

Rhea-AI Summary

The Taiwan Fund, Inc. (NYSE: TWN) announced its plans to select a new investment adviser, replacing Allianz Global Investors US LLC (AGI), after exhausting efforts to secure relief from AGI's SEC-imposed advisory ban. The Fund's Board will announce the new adviser by the end of July 2022 and seek shareholder approval in early September 2022. AGI was barred due to violations of federal securities laws, with a waiver from the SEC valid until September 17, 2022. The Fund focuses on long-term capital appreciation through investments in equity securities on the Taiwan Stock Exchange.

Positive

• Plans to select a new investment adviser may lead to a more stable management team.
• Shareholder approval process indicates transparency and governance.

Negative

• AGI's removal due to legal violations raises concerns about past management quality.
• The transition to a new adviser may lead to uncertainty in investment strategy.

BOSTON, July 8, 2022 /PRNewswire/ -- The Taiwan Fund, Inc. (NYSE: TWN) (the "Fund"), announced today that, having exhausted efforts to obtain relief from Allianz Global Investors US LLC ("AGI") and the Securities and Exchange Commission (the "SEC") permitting the Fund to continue to receive the services of an Allianz portfolio management team based in Taiwan, the Fund's Board will now focus on selecting a new investment adviser to replace AGI. The Board expects to announce the replacement adviser selected by the Board by the end of July 2022 and to seek stockholder approval of the new adviser at a special meeting of stockholders to be held early in September 2022.

As announced in May by the Fund, AGI was barred from advising the Fund as a result of having plead guilty to violations of the federal security laws, subject to a waiver of the bar by the SEC until September 17, 2022.

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 1-877-217-9502.

 

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SOURCE The Taiwan Fund, Inc.

FAQ

What is The Taiwan Fund's new investment adviser selection process?

The Taiwan Fund plans to announce a new investment adviser by the end of July 2022, following the removal of Allianz Global Investors.

What happened to Allianz Global Investors with The Taiwan Fund?

Allianz Global Investors was barred from advising The Taiwan Fund due to violations of federal securities laws.

When is the special meeting of shareholders for The Taiwan Fund?

The special meeting for shareholder approval of the new adviser is scheduled for early September 2022.

What is the ticker symbol for The Taiwan Fund?

The Taiwan Fund is listed on the New York Stock Exchange under the ticker symbol 'TWN.'

What is the focus of The Taiwan Fund's investments?

The Taiwan Fund aims for long-term capital appreciation primarily through investments in equity securities listed on the Taiwan Stock Exchange.