NEW YORK, July 28, 2011 /PRNewswire/ -- The Taiwan Fund, Inc. (the "Fund") (NYSE: TWN) announces today that it has been informed by its Investment Manager, Martin Currie, Inc. ("Martin Currie"), that Chris Ruffle ceased to be a Vice President of the Fund from July 28, 2011 and will cease to be a Portfolio Manager of the Fund from July 29, 2011. The Fund's Board expects to designate a replacement Portfolio Manager in consultation with Martin Currie over the next several days.
Martin Currie has also informed the Fund that Heartland Capital Management Limited ("Heartland") has given notice that in November 2011, Heartland intends to exercise its option to acquire Martin Currie Ltd.'s interest in MC China Limited, the joint venture of Martin Currie's parent, Martin Currie Ltd. and Heartland through which Martin Currie has provided the Fund with the services of Chris Ruffle, as well as a team of analysts based in Shanghai. It is anticipated that this acquisition will be completed early in November, 2011.
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.