Word: nomura
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...proxy statement filed on May 25 with the Securities and Exchange Commission (SEC), Harvard asked the shareholders of Korea Equity Fund, Inc., to reject the fund’s nominees to its board of directors and vote to terminate the fund’s agreement with its investment manager, Nomura Asset Management U.S.A...
...filing, Harvard argues that the Korea Equity Fund’s performance has lagged behind that of the Korea Composite Stock Price Index since the fund’s establishment in 1993. Harvard blames the fund’s custodian, Nomura, calling the investment manager “ineffectual and self-serving” and arguing that it has been rewarded as the fund has dropped in value...
...filing, Harvard argues that the Korea Equity Fund’s performance has lagged behind that of the Korea Composite Stock Price Index since the fund’s establishment in 1993. Harvard blames the fund’s custodian, Nomura, calling the investment manager “ineffectual and self-serving” and arguing that it has been rewarded as the fund has dropped in value...
Along with asking investors to demand that the fund’s management agreement with Nomura be revoked, Harvard is seeking their support for its proposal that the fund be liquidated by its board of directors and the value of its assets returned to shareholders...
...believe that the only real beneficiaries of the Fund’s continued existence are Nomura and the Fund’s Board,” the filing says...