The Taiwan Fund, Inc. Announces Investment Management Fee Waiver
Posted on: Thursday, 1 February 2007, 18:00 CST
NEW YORK, Feb. 1 /PRNewswire-FirstCall/ -- The Taiwan Fund, Inc. announced today that HSBC Investments (Taiwan) Limited ("HSBC Taiwan"), the Fund's investment manager, has contractually agreed to waive a portion of its investment management fee. HSBC Taiwan currently receives a monthly basic fee at an annual rate of 1.30% of the Fund's average daily net assets (the "Basic Fee"). In addition, the Basic Fee is subject to performance adjustments (the "Performance Adjustments"), which may serve either to increase or decrease the Basic Fee. Effective February 1, 2007, HSBC Taiwan has agreed to waive a portion of the Basic Fee so that the Basic Fee will not exceed 1.10% of the Funds average daily net assets through October 31, 2008. The Performance Adjustments remain unchanged by this fee waiver. HSBC Taiwan's fee waiver is subject to completion of all required or advisable Republic of China ("ROC") regulatory filings or notices and receipt of all required ROC regulatory approvals, if any. To the extent that such regulatory approval is granted after February 1, 2007, HSBC Taiwan's fee waiver will be retroactively applied to February 1, 2007.
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, please visit the Fund's website at http://www.thetaiwanfund.com/ or by calling 1-800-636-9242.
CONTACT: Tony Fernandes State Street Corporation 617-662-2965
The Taiwan Fund, Inc.
CONTACT: Tony Fernandes of State Street Corporation, +1-617-662-2965
Source: PRNewswire-FirstCall
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