Top of the Agenda - Governance

Boards prefer in-person, but still want flexibility to meet virtually

By Hillary Jackson

Mutual fund boards continue to take advantage of relief from in-person voting requirements that the Securities and Exchange Commission provided four years ago, at the beginning of the COVID pandemic. And while new data shows that boards are not relying on the conditional relief as much as they did during ... >> CONTINUE READING <<<

AllianceBernstein to move to unitary board in 2025

AllianceBernstein Funds are moving to a unitary board structure, consolidating two separate boards into one with six independent and two interested directors overseeing all 94 open-end, closed-end, and exchange-traded funds. The move reduces the overall number of directors by almost half, as seven current directors will step off at year-end ... >> CONTINUE READING <<<

As Datum One preps for Brandes funds, Brandes board winds down

By Hillary Jackson

The Datum One Series Trust board is preparing to take on seven global equity and fixed-income funds and $2.3 billion in assets following shareholder approval of a deal to transfer Brandes Investment Partner's suite of funds into Datum One. The plan was announced in February and approved in mid-July. "The ... >> CONTINUE READING <<<

Industry vet to chair Ackman's Pershing closed-end fund board

By Hillary Jackson

Bill Ackman's hedge fund company Pershing Square Capital Management has tapped a well-known mutual fund industry veteran to chair the board of its forthcoming Pershing Square USA Ltd. closed-end fund. Pershing said Tuesday it had launched a roadshow for the fund's initial public offering, which is expected to be priced ... >> CONTINUE READING <<<

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 <<<