From the Editor...
Well, now I can say I've been to Texas! While I wish I could've seen more of the state, I did manage to fit in a rodeo, a trip to the Alamo, some Texas bourbon, and a stroll along the famous River Walk—as well as, of course, a lot of conference sessions. The locals were friendlier than I expected, and the weather was terrific. I'm referring, of course, to the ICI's annual Mutual Funds and Investment Management Conference, which for the first time this year took place in San Antonio. As always, it was great to catch up with industry friends and get a sense of what issues are most important among the regulatory and legal professionals in the industry.
We were lucky to hear from Division of Investment Management Director Dalia Blass, who took on her role just six months ago and dove right into director issues with a review of board duties that includes face-to-face meetings with independent directors themselves. Blass updated attendees on her process, revealing that—among other things—her staff is looking at updating valuation guidance. New SEC Commissioner Hester Peirce also addressed the crowd with a glasses-themed speech that gave us a flavor of her approach to the job.
Speaking of directors of DIM, we found out that David Grim has landed at Stradley Ronon. He and Sarah Crovitz, former deputy chief counsel at DIM, have joined the law firm's Washington, D.C., office in the investment management group.
In legal news, two excessive fees cases have ended at the summary judgment stage, buoying the industry's hopes that lawsuits alleging violations of Section 36(b) of the Investment Company Act of 1940 may come to an end...at least those taking either of the two approaches that have been popular for the past several years.
And in the boardroom, the directors overseeing T. Rowe Pice Group's funds have been in recruitment mode as they fill empty seats. They've also been plotting long-term succession at the leadership level, as they need to determine who will permanently fill the lead independent director role going forward.
Keep reading to stay up to date on the independent director community and fund governance. You're only going to get it here.
Hillary Jackson, founding editor