From the Editor...

In its Mutual Funds 2030 report published last year, PwC said it expects that up to 20% of today's mutual fund firms could be acquired or disappear by 2030. "Mega managers—the top five U.S. mutual fund managers—will accumulate most of the growth between now and 2030, accounting for 65% of mutual fund AUM by 2030, up from 55% in 2022," the report stated. "Factors contributing to the continued growth of these mega managers include their ability to offer a broader range of products, including index funds, ETFs and bond funds. Many smaller mutual fund firms aren’t able to do this, which limits their ability to grow."

Fewer fund firms, of course, mean fewer fund boards (and fund board opportunities). And we've recently written about a couple such instances. Three boards—overseeing the Brandes Investment Trust and Aquila Group of Funds' Aquila Municipal Trust and Aquila Funds Trust—are currently in the process of winding down. The first is the result of the Brandes funds being moved into a series trust, while the second is a consequence of the adviser exiting the fund business altogether. Times are changing, for sure, and we're keeping an eye out for what might be most impactful in the boardroom. Let us know if something is on your mind and you want to chat about it.

Speaking of change, we recently exclusively interviewed the independent chair of Janus Henderson Funds about some of the developments in his boardroom. Alan Brown walked us through how the board has dealt with personnel changes and implemented "good governance hygiene" in the two years since he took on the chairmanship. He also discussed how his motto of "every dollar invested is someone’s hopes, goals, and dreams" guides him in his role.

Don't miss our other recent stories: 10 Things...on the regulatory agenda, CEFs Roundup, Barry Barbash's new gig, and AST's newest director nominees. And of course, remember to download the FBV Monthly from June; next one is a double issue and will come out in early September, including stories from July and August.

Hope you're enjoying August so far. Q4 is just around the corner!

For now,

Hillary Jackson