Top of the Agenda - Governance

ICI Mutual examines fund industry litigation in new report

By Hillary Jackson

Nearly 400 shareholder lawsuits have been filed so far this century against mutual fund groups, with 80% of those targeting the 100 largest fund groups, according to a new report from ICI Mutual. Such securities-related litigation initiated by the plaintiffs' bar, referred to in the report at "entrepreneurial litigation," is ... >> CONTINUE READING <<<

CCO, culture are keys to proper compliance

By Mike Schnitzel

Independent mutual fund directors and consultants say the keys to ensuring fund firms are employing proper compliance procedures is to make sure the chief compliance officer is rightly valued and an integral part of the firm's everyday workings and culture. At an industry function several months ago, Peter Driscoll, director ... >> CONTINUE READING <<<

American Century's newest board to oversee Avantis funds

By Hillary Jackson

American Century Investments announced this week that it has hired former Dimensional Fund Advisors executives Eduardo Repetto and Patrick Keating to develop a suite of factor-based exchange-traded funds and traditional mutual funds under a new Avantis Investors brand. The Avantis funds will fall under the oversight of the directors who ... >> CONTINUE READING <<<

Federated to buy PNC fund assets, board's fate unclear

By Hillary Jackson

Federated Investors and PNC Financial Services Group said Tuesday they'd entered into an agreement for Federated to acquire certain components of PNC's investment management business—including its mutual fund assets—for $52 million. The deal, which awaits approval from both firms' fund boards, is expected to close in the fourth quarter.

A PNC ... >> CONTINUE READING <<<

ICI Mutual: Positive 36(b) litigation trend continues

By Hillary Jackson

The mutual fund industry has continued to see positive developments in excessive fees litigation over the past year, as the number of currently active lawsuits alleging section 36(b) violations has dwindled to just nine, according to ICI Mutual's latest annual Claims Trend report. In the nine years since the landmark Jones ... >> CONTINUE READING <<<

Dimensional Funds enlarges board

By Hillary Jackson

The board overseeing Dimensional Fund Advisors' 128 mutual funds has added two independent directors to its ranks, which now include eight independents and an interested chairman. Darrell Duffie and Ingrid Werner joined the board at the end of March.

Both Duffie and Werner have academic backgrounds, as do all of the ... >> CONTINUE READING <<<