The Taiwan Fund, Inc. Announces Interim Management Arrangements
NEW YORK, Nov. 10, 2011 /PRNewswire/ -- The Taiwan Fund, Inc. (the "Fund") (NYSE: TWN) announces that the Fund has been advised by its Investment Manager, Martin Currie Inc., that Heartland Capital Management Limited ("Heartland") exercised its option to acquire Martin Currie Ltd.'s interest in MC China Limited, the joint venture of Martin Currie Inc.'s parent, Martin Currie Ltd., and Heartland and that Martin Currie Ltd.'s interest in MC China Limited has been transferred to Heartland (or its nominee).
With this transfer, Shifeng Ke is no longer with Martin Currie Inc. and accordingly has ceased to act as the Fund's portfolio manager. Further, as a result of the transfer Martin Currie Inc. is no longer able to provide the Fund with the services of the existing team of eight analysts based in Shanghai who assisted Mr. Ke, all of whom are associated with MC China Limited.
To address this, the Fund has entered into interim arrangements with Martin Currie Inc. and APS Asset Management Pte Ltd. to manage the Fund's portfolio until new management arrangements can be put in place. APS Asset Management Pte Ltd. is a Singapore based investment management firm that specializes in Asia Pacific equity investments with a particular focus on China and Greater China. APS has a team of ten analysts based across Beijing, Shanghai and Shenzhen.
The interim arrangements will remain in place for a maximum of 150 days. The Board is also considering potential managers, including Martin Currie Inc. and APS Asset Management Pte Ltd., to take over the management of the Fund's portfolio at the end of the term of the interim arrangements. The selection of any such manager by the Board will be subject to stockholder approval.
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.