From the Editor...

Closed-end funds and their boards have been dealing with activist investors for years. Recently, though, many have been facing a particular activist investor in the courts—and they haven't been faring well. Saba Capital Management has filed lawsuits against several funds, fund advisers, and fund boards in the past couple years and has come out the victor in each. Its latest win came last week when a U.S. district court judge failed to grant a stay pending appeal in Saba's case against a couple of BlackRock funds and their boards, as well as other funds and fund directors. Stay up to date on these developments with FBV.

In other news, a number of boards have been busy this month welcoming new independent directors into their boardrooms. American Century Funds' Mountain View board brought on its former independent counsel, while BlackRock Funds filled a seat that was vacated at year-end after 35 years and First American Money Market Funds has hired two new independents. Whenever possible, we speak to the decision makers behind these hires to find out how they identified candidates, made their selection, and ensured the new individual would be a good fit. We'll keep at it as the years move forwards.

In our latest Viewpoints, guest author Catherine Nelson examines how fund boards can identify—and stay abreast of—potential cyber risks at the third-party providers their funds use. Lots of useful information and conversation starters in Nelson's article, so don't miss it! Our Viewpoints section does not sit behind our paywall, so contributing writers can share their piece with clients, peers, friends, and family by emailing the FBV link around or posting on LinkedIn and/or X.com. If you've got an idea brewing, get in touch!

For now,

Hillary Jackson, founding editor