Top of the Agenda - Governance

PWC fund director survey: Regulation top concern for industry
The last several years have seen a record number of new investment management-related rules and rule proposals put forth by the Securities and Exchange Commission, and mutual fund directors—unsurprisingly—are feeling the heat. According to new data from PWC, nearly three-quarters of directors who participated in a recent survey said they ...  >> CONTINUE READING <<<

 

 

Navigating activist storms: Strategies for CEF boards

By Hillary Jackson
In the past 18 months, Saba Capital Management counts two dozen notable actions against closed-end funds among its accomplishments. These include getting individuals elected to and/or nominating candidates to CEF boards, filing lawsuits against funds and their boards of directors (and obtaining favorable rulings), requisitioning special meetings, forcing fund mergers, ...  >> CONTINUE READING <<<

 

 

TCW-MetWest Funds combine into unitary board
By Hillary Jackson
TCW Funds and MetWest Funds are moving to a unitary board structure with seven independent and two interested directors overseeing all 32 TCW- and MetWest-branded open-end and exchange-traded funds. The move is designed to provide "greater administrative efficiencies and reduced costs for shareholders over time," according to a TCW spokesman. ...  >> CONTINUE READING <<<

 

 

GSAM Funds reverts to unitary board structure
By Hillary Jackson
Goldman Sachs Funds is returning to a unitary board structure, with a single group of directors overseeing all of Goldman Sachs Asset Management's open-end, closed-end, and exchange-traded funds. The new board, effective Jan. 1, brings together members of the legacy Goldman Sachs Funds board with those who have been serving ...  >> CONTINUE READING <<<

 

 

TIAA, Nuveen fund boards propose unitary structure
By Hillary Jackson
The boards overseeing TIAA's 88 and Nuveen Investments' 135 mutual funds plan to merge into a singe entity, nine years after TIAA acquired Nuveen for $6.25 billion. All but two retiring Nuveen directors will remain in place, but only four of the independent directors currently overseeing TIAA's funds will join ...  >> CONTINUE READING <<<

 

 


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