Top of the Agenda - Governance

ICI conference: Fund directors tackle 'new era' issues for boards

By Hillary Jackson

Mutual fund boards are facing both challenges and opportunities in this time of rapid product innovation and development, a changing—and somewhat uncertain—regulatory and political environment, technological advancements, and shifting areas of focus in the industry. With that as the backdrop, a group of independent directors and a lawyer who works ... >> CONTINUE READING <<<

Putnam Funds board to give up CEFs to Franklin directors

The Putnam Funds board is proposing that oversight responsibility for the four closed-end funds under its purview be moved to the Franklin CEF board. The plan to cluster all closed-end funds under a single board—on which shareholders will vote next month—is designed to improve the consistency and efficiency of the ... >> CONTINUE READING <<<

DEI discussions on board agendas following Trump executive orders

By Hillary Jackson

As mutual fund boards prepare for their next quarterly meetings over the coming weeks, they likely are gathering talking points on several of President Trump's initiatives and of the dozens of executive orders he's signed since being sworn in on Jan. 20. One issue expected to be up for discussion ... >> CONTINUE READING <<<

Victory, Pioneer to rebrand funds, maintain governance structure

Nearly a year after announcing it would acquire the U.S. business of French asset manager Amundi, Victory Capital has proposed a reorganization of Amundi's Pioneer Funds into corresponding Victory Pioneer Funds. Pending shareholder approval, the newly branded funds will remain under the purview of the existing Pioneer Funds board, while ... >> CONTINUE READING <<<

BlackRock, Saba in 'win-win' agreement over two CEFs

BlackRock will conduct tender offers to repurchase common shares of two of its closed-end funds, part of a standstill agreement that will hold off Saba Capital Management's targeting of the funds' performance and governance practices for three years. Boaz Weinstein, Saba's founder and CIO, said on the X social media ... >> CONTINUE READING <<<

Governance consolidation on tap for Columbia Funds

By Hillary Jackson

Columbia Funds is in the process of consolidating governance into a unitary board by moving the seven funds in the Columbia Acorn Trust and Wanger Advisors Trust into the group of funds overseen by the Columbia Funds board. The five-member Acorn/Wanger Funds board will be dissolved, and none of the ... >> CONTINUE READING <<<