From the Editor...

We're in the homestretch now, having just started the final month of the year (how'd that happen??). In the coming weeks, we'll be looking ahead at 2025 and what might be in store for mutual fund boards and the funds they oversee, as well as covering developments as they happen.

The turn of the calendar year is normally a busy time for personnel shifts on fund boards. We recently reported on upcoming changes in the Vanguard boardroom, which has seen a fair amount of change in recent years (as has the adviser) and is planning to start off 2025 with two new independents, as it bids farewell to two long-serving directors. We also brought news of Franklin Templeton's closed-end funds board naming an independent chair and hiring three new independent directors. As always, both stories have details on the new directors' qualifications and the new composition of the boards. 

From a regulatory standpoint, the market is currently in a bit of a guessing game ahead of Inauguration Day in January. SEC Chairman Gary Gensler recently announced that he'll leave the agency on Jan. 20, ending a nearly four-year term in which he pursued a sweeping agenda. Gensler's move is not a surprise, given his relationship with Donald Trump, who vowed earlier this year to fire the SEC chair. For insight into who may take the top job at the SEC and, more generally, what fund boards and the industry might expect from a second Trump term, be sure to read our most recent Viewpoints, "What will second Trump Administration mean for fund directors?", authored by Sidley Austin's Jay Baris and Nathan Greene. Obviously, this is a developing story, so stay tuned.

Finally, the SEC released its roundup of enforcement actions in its September-ending fiscal year. The dollar amount collected by the agency was up in FY'24, while the number of enforcement actions dropped. 

Happy Holidays!

For now,

Hillary Jackson, founding editor