From the Editor...
Rich Redeker is retiring form the PGIM Funds board at the end of this month, ending a quarter-century of mutual fund board service and a half-century of work in the mutual fund industry. Redeker has seen and done a lot in that time, and he was kind enough to speak with us recently about the good, the bad, and the rare ugly he's experienced and witnessed. In our recent A Seat at the Table feature, Redeker talks about everything from best practices and board recruitment to developments in regulation and litigation. We wish him well and hope we haven't seen the last of him in fund governance circles.
Another great read recently is our latest Viewpoints, authored by Sullivan & Worcester's Nicole Crum. She takes on the timely and important subject of "culture risk," how it relates to sexual harassment and discrimination at mutual fund service providers, and how the board should be getting involved. There is a lot of great advice for fund directors in Crum's piece, which rightly acknowledges that discussions around these types of issues are probably new to the boardroom and can even be uncomfortable at times. Take the time to read this one.
In other news, the testimony portion of the trial of an excessive fees case against Calamos Advisors LLC wrapped up at the end of November. Closing arguments will follow, early next year. Another 36(b) case, this one against State Farm Investment Management, has been dismissed after a couple of amendments and a previous dismissal. We've also got our eye on Kennis v. Metro. West Asset Mgmt., LLC, as the trial is due to get underway in Los Angeles tomorrow.
Before you go, check out our latest 10 Things list, which details issues that mutual fund boards have on their agendas for 2019, and download our latest issue of FBV Monthly, which includes all of our content from November.
Hillary Jackson, founding editor