A Seat at the Table

Sequoia Fund board remake: Former WaPo publisher latest to join
By Hillary Jackson
Resignations, retirements and recruitment over the past five years have led to significant changes in the Sequoia Fund boardroom. The transformation was set in motion in the wake of the storied fund's well publicized investment in Valeant Pharmaceuticals, which went bad in 2015, and Chairman Eddie Lazarus told Fund Board ...  >> CONTINUE READING <<<

 

 

Top of the Agenda - Legal

MetWest 36(b) decision affirmed by Ninth Circuit
By Hillary Jackson
The Ninth Circuit Court of Appeals has affirmed a lower court's decision in favor of defendant Metropolitan West Asset Management, which had been accused of violating Section 36(b) of the Investment Company Act of 1940. In Kennis v. Metro. West Asset Magmt., LLC, filed in 2015, the plaintiff claimed MetWest ...  >> CONTINUE READING <<<

 

 

Top of the Agenda - Governance

Three AllianzGI, 10 Virtus directors to form new fund board
By Hillary Jackson
Three directors from Allianz Global Investors Funds and 10 from Virtus Funds are expected to form a new board upon the closing of a deal in which Virtus Investment Partners will assume responsibility for some $23 billion in AllianzGI U.S. retail assets. Shareholders will vote on the slate of director ...  >> CONTINUE READING <<<

 

 

Top of the Agenda - Compensation

IDC director study: 2019 pay relatively unchanged
By Hillary Jackson
New data from Independent Directors Council suggests that most independent mutual fund directors did not see much of a bump in compensation in 2019, with year-on-year median pay for the group of fund complexes that participated in both this year's and last year's studies increasing just 0.5%; in 2018, the ...  >> CONTINUE READING <<<

 

 

Top of the Agenda - Legal

Congressman reintroduces bill to curtail 36(b) lawsuits
U.S. Rep. Tom Emmer (R-Minn.) has picked up his fight against what he calls "frivolous lawsuits" against mutual fund firms by reintroducing legislation in the 116th Congress that would make it more difficult for the plaintiffs' bar to bring excessive fees cases claiming violations of Section 36(b) of the Investment ...  >> CONTINUE READING <<<

 

 


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Top of the Agenda - Compensation
IDC director study: 2019 pay relatively unchanged

New data from Independent Directors Council suggests that most independent mutual fund directors did not see much of a bump in compensation in 2019, with year-on-year ...