Top of the Agenda - Governance

ICI Mutual: Litigious 'new normal' environment to continue

By Hillary Jackson

The litigious environment in which the mutual fund industry operates is a "new normal" that is likely to continue, which means advisers and the boards that oversee their funds remain increasingly vulnerable to civil lawsuits, regulatory enforcement proceedings, and risks associated with operational errors, according to ICI Mutual's latest annual ... >> CONTINUE READING <<<

Morningstar populates fund board with industry pros

By Hillary Jackson

Morningstar Investment Management has tapped well-known industry veterans to sit on the board that will oversee its soon-to-be-launched Morningstar Funds. The investment management unit of the Chicago-based research giant initially filed to launch the funds a year ago, but the board was revealed just this week in updated filings. The ... >> CONTINUE READING <<<

Impact Shares fills out board with three independents

By Hillary Jackson

Three independent directors have joined the board of Impact Shares Trust, which will offer a suite of exchange-traded funds aligned with various non-profit organizations. Impact Shares CEO and fund board Chairman Ethan Powell said the board, which held its first meeting this week, includes a "diversity in perspective" and "well balanced ... >> CONTINUE READING <<<

FAF board brings back familiar face

By Hillary Jackson

The board overseeing U.S. Bancorp Asset Management's First American Funds-branded money market fund complex has nominated a former independent director to rejoin its ranks. Shareholders will vote next month on nominee Victoria Herget, as well as the board's other five independent directors. Herget, a former managing director at Zurich Scudder Investments, ... >> CONTINUE READING <<<

Broadridge plots database, tools around Lipper, Morningstar content

By Hillary Jackson

Broadridge Financial Solutions is planning to offer a single-source database with Lipper and Morningstar content and launch products around that database designed to help mutual fund boards better fulfill their fiduciary responsibilities, according to Devin McCune, vice president of fiduciary and compliance services at Broadridge. "Those two pieces together really ... >> CONTINUE READING <<<

Proxy campaigns should start with early research, analysis

By Hillary Jackson

Conducting a successful proxy campaign has never been an easy task, but the rise of omnibus accounts and advances in technology have made doing so in the current environment even more challenging for mutual fund companies. For fund boards concerned about the process, the best way to ensure success is ... >> CONTINUE READING <<<