Top of the Agenda - Governance

Foregoing individual evals, fund boards favor board-level reviews

By Hillary Jackson

Mutual fund boards are required by the Securities and Exchange Commission to perform annual self-assessments and make a record of the related discussions in meeting minutes, but there is little otherwise prescribed about the process. And unlike corporate boards, fund boards continue to focus on board-level reviews rather than targeting ... >> CONTINUE READING <<<

Three Ivy Funds directors to join Delaware Funds board

Nearly a year after Macquarie Management Holdings announced it would acquire Waddell & Reed Financial, and six months after the deal closed, the board of Delaware Funds by Macquarie is planning to add three independent directors who had served Waddell & Reed's Ivy Funds. Provided the three are elected by ... >> CONTINUE READING <<<

Columbia Funds board prepares to take on BMO assets

By Hillary Jackson

The Columbia Funds board will take oversight responsibility for more than $8 billion in additional assets next month, provided shareholders approve a proposal to reorganize 23 mutual funds managed by BMO Asset Management into corresponding funds managed by Columbia Management Investment Advisers. The vote on the reorganization—part of BMO's exit ... >> CONTINUE READING <<<

Deloitte: Funds, boards work toward rule 2a-5 compliance

By Hillary Jackson

With less than a year to go before the compliance deadline, the mutual fund industry—including fund boards—is devoting considerable time and resources to tasks related to the new rule on fair valuation practices. According to new data from Deloitte, 80% of participants in the firm's latest survey on fair valuation ... >> CONTINUE READING <<<

Study highlights trends in hiring, retiring practices

By Hillary Jackson

Mutual fund boards adapted quickly to the virtual environment thrust upon them last year when the COVID-19 pandemic grounded directors and forced them to work from home, but among the tasks that was expected to be most challenging during this time period was hiring. According to exclusive new data from ... >> CONTINUE READING <<<

JPMorgan Funds, ETFs boards to combine

By Hillary Jackson

JPMorgan Funds is planning to consolidate the oversight and governance of its 125 open-end mutual funds and 44 exchange-traded funds by creating a single unified board to oversee all of the funds. Shareholders will vote at the end of next month on a slate of 14 independent and two interested ... >> CONTINUE READING <<<