From the Editor...

April 3, 2023

By Hillary Jackson

From the Editor...


It was great seeing so many of our readers and friends in person out in California last month at the ICI's 2023 Investment Management Conference. It's been too long!


Not surprisingly, a lot of the industry chatter over the few days of the event centered on the SEC's aggressive rulemaking agenda and how the mutual fund industry—including fund boards—may be impacted. Somewhat surprisingly, Division of Investment Management Director William Birdthistle did not mention a word about the most controversial of those rulemaking efforts, the hard close, mandatory swing pricing, and liquidity management proposal. Even IDC Managing Director Tom Kim was perplexed by the omission. Nonetheless, Kim told us on the sidelines of conference that he was pleased with the regulator's engagement with the industry at the event and said the industry group would continue its dialogue with the SEC.


In other news, the Fifth Circuit has affirmed the dismissal of a 2018 lawsuit brought against the board members of a Highland Funds trust and adviser Highland Capital Management Fund Advisors. Independent Chair Ethan Powell called the appellate court's ruling in Lanotte v. Highland Capital Mgmt. Fund Advisors, L.P.  "a satisfying conclusion to a longstanding matter." 


We've also recently interviewed the independent chairs of iMPG Funds and State Street Global Advisors Funds to provide readers with insight into how their peers are handling tasks and challenges in the boardroom. And don't miss our latest Viewpoints. Stradley Ronon's David F. Roeber authored the piece, an in-depth look at issues related to the oversight of sub-adviser transitions. You can write a Viewpoints too; just reach out with your idea and we'll get started!


For now,


Hillary Jackson, founding editor



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