From the Editor...

Changes are afoot at the Division of Investment Management—and elsewhere within the Securities and Exchange Commission. In a not-unexpected move given the change in leadership at the Commission, Natasha Vij Greiner, who has held the top spot in the division since March 2024, is moving on. The SEC announced last Tuesday that Greiner would wrap up her tenure at IM and long career at the regulator on July 4. Three days later, private funds lawyer Brian Daly was announced as her successor. Chairman Paul Atkins said Daly would work with him "on common-sense regulation that does not impose unnecessary burdens and genuinely embraces the public comment process." Daly is slated to start in his new position on July 8.

In the world of closed-end funds, a particularly heated battle between ASA Gold and Precious Metals and activist investor Saba Capital Management continues to drag on. Shareholders voted on Friday at a special meeting called by Saba on board nominee Mariann Bruce, who said she plans to be a "neutral facilitator" should she be elected to serve in a boardroom that has been deadlocked for more than a year. Results of the vote aren't yet ready, but we're keeping an eye on those and where the fund and board go from here.

In the Trust for Professional Managers boardroom, now being led by first-ever independent Chairman Erik Olstein, there's a focus on diversity of perspective and building and maintaining strong relationships. Don't miss our exclusive one-on-one with Olstein, who discusses the board's composition and why relationships among board members and with the series trust's various service providers are so important.

We've also recently covered people moves on mutual fund boards in our latest installment of Who's at the Table? Interestingly, two of the boards featured have nominated children of retiring directors to fill the vacated seats.

Finally, if you missed anything in May, or want to review or reference any of the stories published last month, be sure to download our latest FBV Monthly.

Reminder: Send us your book recommendations! We're in the process of putting together our annual Summer Reading List, and we want to hear from readers. Email your favorites to hillary.jackson@fundboardviews.com.

For now, 

Hillary Jackson, co-founder and editor