From the Editor...

Folks are moving around in the mutual fund space, and we're working hard to keep readers up to date. In recent days and weeks, we've reported on new independent directors, retiring independent directors, '40 Act lawyers taking on new roles, succession planning strategies, and more. It's always interesting to go behind the scenes a bit and find out why boards make the decisions they make—are they looking for specific skills, looking to create a specific board composition, replacing someone after they've left, planning far in advance to avoid having to make a last-minute decision? There are, obviously, a lot of factors that go into personnel changes in boardrooms, and we're here to get—and deliver to readers—the details. Why? Because it helps everyone do their jobs better. 

PIMCO Funds is thinking pretty long term and planning to bring on three new independents, even though of the three upcoming retirements, only one is happening this year. Similarly, MFS Funds has nominated two to join the board ahead of one near-term retirement. One of the boards overseeing BlackRock funds also has brought in two new faces to the boardroom, though it is unclear when retirements might happen. That said, there are a few in the boardroom who are nearing the mandatory retirement age, so that board likely will look a bit different in a few years' time. Meanwhile, the board overseeing Franklin Templeton's ETFs has grown by one independent and named an independent chair for the first time in its history. We expect continued movement on boards through the end of the year and into the early part of 2025, and we'll keep you posted!

Outside the boardroom, there was a big move in the '40 Act legal space about a week ago when industry veteran Stuart Coleman and two other seasoned lawyers moved to Stradley Ronon's investment management practice from Proskauer Rose. Coleman had made a similar move (with a larger group) seven years ago when he joined Proskauer from Stroock. This latest move has bolstered Stradley's IM team, according to Bruce Leto and other partners at the Philadelphia-based firm, and was an offer too good to pass up.

And at IDC, there is new leadership as William Ebsworth, an independent on the Allspring Funds board, has taken on the chairmanship. He succeeds Cynthia Plouché, who has become chair emeritus. Ebsworth, who was expected to take on the role after serving as vice chair for the past year, will carry on the group's mission of strengthening fund governance and serving shareholders, according to IDC Managing Director Tom Kim. This story also includes details on new members of the IDC Governing Council and ICI leadership, so don't miss it.

Finally, be sure to read our latest Viewpoints, authored by Rachael Schwartz from Sullivan & Worcester. In the article, Schwartz discusses what the industry, and specifically boards, should expect to focus on over the next year in order to ensure compliance with the amended Names Rule deadlines in late 2025/mid-2026. Remember, our Viewpoints are not behind the FBV paywall. So if you've got an idea you want to share with the mutual fund governance market, get in touch! We'd love to publish your work.

For now,

Hillary Jackson, founding editor