From the Editor...

When two fund managers merge through acquisition, there are always questions about how the fund complexes involved will co-exist once the deal is done. Sometimes, the answer is obvious and arrangements are taken care of as the deal is happening; other times, it's not so clear what the final outcome will be. The latter is the case with Nuveen Investments and TIAA, which have decided to merge oversight of their funds nine years after the acquisition that brought them together. As with any such combination, there are winners and losers—and the boardroom is no exception. In our story about the proposed consolidation of the TIAA Funds' and Nuveen Funds' boards, we explore what the new board will look like, provided the move is approved by shareholders—including which directors are slated to stay on and which will conclude their service to the '40 funds involved.

In other boardroom news, American Century Investments' three boards are facing retirements at year-end, leaving open seats in Kansas City, New York, and Mountain View, and DWS Funds—which has been dealing with a string of retirements in recent years—has made a hire, putting in place an experienced former fund board chair. There is always a lot of movement around the turn of the calendar year, and we're keen to explore what decisions are being made and why when it comes to recruitment, succession planning, and board composition.

And finally, our most recent 10 Things... list was contributed by guest authors from Mutual Fund Directors Forum and law firm Stradley Ronon. They have provided our readers with a look at the fair valuation process a year after the SEC's rule 2a-5 became effective. This piece is a great resource, as it provides independent fund directors with 10 issues they should keep in mind as they oversee valuation in the current regulatory environment. Don't miss it!

Almost unbelievably, it's nearly November. Here's hoping you're able to take time out of your busy fourth-quarter work days to enjoy a bit of the autumn weather—even if it was more summer-like this past weekend on the East Coast. And remember: We'd love to hear from you, so drop us a line anytime!

For now, 

Hillary Jackson, founding editor