Top of the Agenda - Governance

As advisers focus on private markets, fund directors should stay alert, informed

By Hillary Jackson

Traditional mutual fund firms have moved into the private equity and credit markets in recent years in a variety of ways in an attempt to benefit from the growth and fee streams in those markets. Industry lawyers told Fund Board Views that these developments should be discussed in the fund ... >> CONTINUE READING <<<

Saba gains seats in ASA closed-end fund boardroom

By Hillary Jackson

Saba Capital Management was successful earlier this week in getting two of its nominees elected to the board of the ASA Gold and Precious Metals Ltd. closed-end fund. This comes three months after Saba—the largest common shareholder in the ASA fund with a nearly 17% stake—filed a lawsuit claiming the ... >> CONTINUE READING <<<

PWC fund director survey: Regulation top concern for industry

The last several years have seen a record number of new investment management-related rules and rule proposals put forth by the Securities and Exchange Commission, and mutual fund directors—unsurprisingly—are feeling the heat. According to new data from PWC, nearly three-quarters of directors who participated in a recent survey said they ... >> CONTINUE READING <<<

Navigating activist storms: Strategies for CEF boards

By Hillary Jackson

In the past 18 months, Saba Capital Management counts two dozen notable actions against closed-end funds among its accomplishments. These include getting individuals elected to and/or nominating candidates to CEF boards, filing lawsuits against funds and their boards of directors (and obtaining favorable rulings), requisitioning special meetings, forcing fund mergers, ... >> CONTINUE READING <<<

TCW-MetWest Funds combine into unitary board

By Hillary Jackson

TCW Funds and MetWest Funds are moving to a unitary board structure with seven independent and two interested directors overseeing all 32 TCW- and MetWest-branded open-end and exchange-traded funds. The move is designed to provide "greater administrative efficiencies and reduced costs for shareholders over time," according to a TCW spokesman. ... >> CONTINUE READING <<<

GOP AGs question BlackRock, iShares directors on independence, ESG issues

By Hillary Jackson

A group of Republican state attorneys general has sent a second letter to the independent directors of BlackRock fixed-income funds, this time including the independent directors of iShares exchange-traded funds. In the Feb. 27 letter, 16 AGs question the directors' independence, their oversight of BlackRock's management of fund assets, and ... >> CONTINUE READING <<<