From the Editor...
For mutual fund directors and fund governance professionals, the big question that came to mind when Invesco announced in October that it would acquire OppenheimerFunds was: What will happen with the fund boards? Invesco has two boards, and OppenheimerFunds has two boards; how many/who will still be standing post-merger?
We provided answers in an exclusive story two weeks ago that laid out the plan in detail. The four boards will become two, and half of the current OppenheimerFunds directors will remain in service. We will continue to follow this story, so stay tuned to stay informed.
Another big story in the past couple weeks was the death of Vanguard founder Jack Bogle. Everyone covered his passing, his life, and his impact on the fund industry—from CNBC to The Wall Street Journal to Times of India—and what we aimed to do was bring the topic into the fund boardroom in a way that could, perhaps, be helpful to today's independent directors. Presenting the subject matter in one of our popular 10 Things lists allowed us to really hone in on what board members might take away from Bogle and his legacy. We hope you found it useful and relevant. And remember, we're always open to suggestions and ideas for 10 Things, so please get in touch if there's something you want to see.
In the courts, we saw a 36(b) lawsuit against Western Asset Management Co. dismissed earlier this month, and we're looking forward in a few weeks to closing arguments in cases against Calamos and MetWest. To stay up to date on 36(b) litigation, follow our coverage here at FBV.
And finally, just because the government shutdown has ended (for now), doesn't mean the five-week ordeal isn't still impacting the mutual fund industry. If you haven't already, be sure to read our latest Viewpoints on the subject, penned by Shearman & Sterling's Jay Baris.
Hillary Jackson, founding editor