Top of the Agenda - Succession

Nationwide Funds starts year with new chair
A new independent chairman took the helm at Nationwide Funds this month, following the year-end retirement of David Wetmore, who had served in the role for the past 15 years. The board had a busy second half of 2020 as Wetmore and another long-serving independent director prepared to retire, two ...  >> CONTINUE READING <<<

 

 

Top of the Agenda - Succession

USAA Funds returns to independent chairmanship
By Hillary Jackson
The board overseeing USAA's mutual funds has returned to independent leadership, some 18 months after putting a firm executive in the top spot. Jefferson Boyce, who has served on the board for more than 17 years, became independent chairman on Jan. 1, replacing Daniel McNamara, president of the Financial Advice ...  >> CONTINUE READING <<<

 

 

Top of the Agenda - Succession

Principal Funds welcomes three to virtual boardroom
By Hillary Jackson
Three new independent directors have joined the board overseeing Principal Funds in the past few months, after having been recruited and onboarded virtually. With the new additions, the board will operate at a larger-than-normal size of 10 independent and two interested directors for the next year, a Principal spokeswoman told ...  >> CONTINUE READING <<<

 

 

Viewpoints

Will asset management evolution create new fee litigation risks?
By Ethan Corey, Practus, LLP
When the U.S. Supreme Court issued its Jones v. Harris Associates L.P. decision in March 2010, the justices articulated what a mutual fund shareholder must prove in order to demonstrate that the fund's investment adviser breached the "fiduciary duty with respect to the receipt of compensation for services" as imposed ...  >> CONTINUE READING <<<

 

 

10 Things

10 Things...to ask about open-end fund-to-ETF conversion
By FBV Staff
Toward the end of 2020, a handful of mutual fund companies revealed plans to convert existing open-end mutual funds into exchange-traded funds. The conversion process involves operational, business, and compliance issues that must be considered by the adviser and the fund board, and it's important for all the players involved ...  >> CONTINUE READING <<<

 

 


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Top of the Agenda - Regulatory
SEC finalizes fair valuation rule

The Securities and Exchange Commission on Thursday adopted a new rule on fund valuation practices, the first comprehensive update in 50 years. Rule 2a-5 will permit ...