From the Editor...
As has been the trend in recent years, mutual fund chief compliance officers earned more in the most recently ended calendar year than in the year prior. Management Practice Inc. has published its annual survey of fund CCO compensation, and Partner Jay Keeshan told FBV that CCOs are earning more, in part, because they're becoming more experienced and valuable with each passing year. MPI's survey includes full comp data as well as other interesting and useful data points.
In regulatory news, the Securities and Exchange Commission has adopted amendments to the loan provision of its auditor independence rules, a move that has been well received—and widely anticipated after last years proposals—by the fund governance community. And in the legal space, the dismissal at the summary judgment stage of a 36(b) case against Davis Selected Advisers has been appealed, and oral arguments in a breach of contract case against Sequoia Fund have taken place. Also, the market is still waiting for decisions in 36(b) cases against Metropolitan West Asset Management and Calamos Advisors, so we're likely to have more legal news before the end of the summer.
In what has become an annual tradition, we recently published our summer reading list. The 10 books, plus two bonus books, were suggested by our readers and cover a variety of topics and genres. Check it out—and take some time to relax and enjoy a good book this summer.
Lastly, we've got the scoop on which board will oversee American Century's new Avantis Investors funds, and we've published our monthly volume of stories (in this case, those that ran in June). So, don't miss a thing! And let us know if there are stories or topics you'd like to see covered more or better. We're always open to suggestions, constructive criticism, and reader ideas.
Hillary Jackson, founding editor