From the Editor...

July 8, 2024

By Hillary Jackson

From the Editor...


One of the industry's most well known governance experts stepped down this year after four decades in the thick of it. Meyrick Payne—whose firm, Management Practice Inc., works with mutual fund boards on the contract renewal process, fee negotiation, and trustee compensation and benefits—is taking a well deserved break to enjoy retirement. Before he sets sail for parts unknown, we tapped him to share some reflections on his time working with fund boards. In a piece written exclusively for FBV readers, Payne examines changes in fees, board configuration and responsibilities, and the regulatory environment, while also looking to what might lie ahead. Payne's viewpoint on these issues, shaped over 40 years, is unique and interesting, and we're excited to bring it to you. We're also wishing him the very best in this next life adventure.


In other news, a new survey from MPI shows that compensation for mutual fund chief compliance officers returned to a "normal" growth rate in 2023 following a post-COVID dip. What's more, average compensation levels for these CCOs topped $500,000 for the first time ever, according the the new data, shared with FBV before being widely released to the market. It's a competitive market out there, so if you're wondering how to attract and retain compliance staff, this is a story you don't want to miss!


In boardroom-related news, Morgan Stanley Funds has added a new independent director. This is the latest change to the board, which has experienced a bit of generational shift in recent years and has a couple of members aging up in the next few years that likely will lead to more change. Get caught up on how the board is handling this and how that may help your board when faced with the same, or similar, issues.


Don't forget to download our latest of FBV Monthly, which contains all the stories we published in June—including our popular Summer Reading List and a Viewpoints article authored by MFDF's Dianne Descoteaux on challenges faced by small-fund complex boards.


Hope you're enjoying summer while also staying cool. 


For now,


Hillary Jackson



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