Top of the Agenda - Regulatory

Fund governance pros heartened by SEC no-action letter
By Hillary Jackson
The fund governance community is largely optimistic that the Securities and Exchange Commission's move last week to alleviate some board responsibilities related to affiliated transactions represents the start of what they hope will be a complete modernization of director duties. "I see it as a first step," Paulita Pike, a ...  >> CONTINUE READING <<<

 

 

A Seat at the Table

Mandatory retirement? AB Funds thinks it might not be necessary
By Hillary Jackson
Five of the seven independent directors overseeing Alliance Bernstein's 94 mutual funds are 70 years old or older, and Chairman Marshall Turner is just fine with that. A robust self-assessment process and regular, intentional refreshment keep the board functioning at its highest level and can alleviate the need for a ...  >> CONTINUE READING <<<

 

 

Top of the Agenda - Legal

New York Life wins summary judgment in 36(b) case
By Hillary Jackson
A New Jersey court has granted summary judgment to defendant New York Life Investment Management in an excessive fees case that dates back to 2014, reasoning that "all six Gartenberg factors tip in favor of NLIM." The ruling is the latest win for the mutual fund industry and signals to ...  >> CONTINUE READING <<<

 

 

Top of the Agenda - Legal

Excessive fees suit against Calamos survives summary judgment
By Hillary Jackson
An excessive fees case against Calamos Advisors has survived summary judgment, with a New York judge narrowing the scope of the litigation slightly but failing to dispose of complaints targeting the fund board process, as other judges have done in past cases. Chill v. Calamos Advisors LLC, filed in early ...  >> CONTINUE READING <<<

 

 

Top of the Agenda - Succession

Motley to succeed Wruble as OppFunds NY board chair
By Hillary Jackson
Brian Wruble, independent chairman of the OppenheimerFunds New York board, will step down from his position at the end of the year but will remain on the board until April 2020. Joel Motley, long-time chairman of the board's Governance Committee, will succeed Wruble, effective Jan. 1, 2019. 
 
The OppenheimerFunds New York ...  >> CONTINUE READING <<<

 

 


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Most Read

A Seat at the Table
Thrivent forms board to oversee new interval fund

Thrivent Financial is entering the interval fund business and has assembled a new board to oversee its first offering, the soon-to-be-launched Thrivent Church Loan & Income Fund. ...
Top of the Agenda - Legal
 PIMCO 36(b) case dismissed

The parties in a 2014 lawsuit accusing PIMCO of overcharging Total Return Fund shareholders while lavishly compensating CIO Bill Gross and CEO Mohamed El-Erian agreed this week ...