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Mutual fund with Buffalo, N.Y.-based manager reorganizes in Bermuda.
Knight Ridder/Tribune Business News, December, 2004
By David Robinson, The Buffalo News, N.Y. Knight Ridder/Tribune Business News
Dec. 2--ASA Ltd., a closed-end mutual fund that invests in gold and other precious minerals and is managed from Buffalo by former Niagara Share Corp. chief executive Robert J.A. Irwin, has shifted its home base from South Africa to Bermuda.
The fund, which has assets worth about $480 million, earlier this month reorganized its corporate structure to become a Bermuda-based company in order to avoid higher taxes that it would have faced in its former corporate base in South Africa.
The move allows ASA to reduce its operating expenses by about 13 percent, mainly by avoiding taxes on capital gains that the company, which had been exempt from those levies since...
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