From the Editor...

October 11, 2021

By Hillary Jackson

From the Editor...


With just 10 months to get fully into compliance with rule 2a-5, mutual fund advisers and boards are spending a lot of time focusing on tasks related to fair valuation practices. In its latest annual Fair Valuation Pricing Survey, Deloitte took an in-depth look at where the industry is in terms of compliance and what aspects of coming into compliance are likely to be the most challenging. We pulled out the highlights for readers (and also provide a link to the survey report for more information). Take a look.


And while we're on the subject of what's on boards' agendas for the rest of this year and into next, check out our latest 10 Things list. We queried independent directors about what's taking up their time and attention, and the resulting list is—not surprisingly—expansive. If you've got an idea for a 10 Things list, give us a call or drop us an email.


In other news, the Columbia Funds board—which last year completed a merger with another in-house board to become a unitary body—is now poised to take on around $8 billion in BMO Funds assets. In an arrangement related to Columbia's acquisition of BMO's EMEA asset management business and BMO's exit from the U.S. retail fund business, 23 BMO mutual funds will be reorganized into existing Columbia funds. Provided shareholders approve the reorganizations, the BMO Funds board will no longer oversee those assets, as none of the independent directors will join the Columbia Funds board; rather, they will be overseen by the 17-member Columbia board.


And finally, Investment Company Institute and Independent Directors Council held their annual elections last week, elevating a long-serving independent director to the role of vice chair of the IDC and an industry veteran to chair of the ICI. The current chair of IDC, Kathleen Barr, will remain in place for a second one-year term, while the new vice president is in line to succeed her in 2022. Both groups also named new individuals to their respective advisory bodies. 


Let us know what's on your mind and what you'd like to read about in FBV; we're always happy to hear from readers!


For now,


Hillary Jackson, founding editor



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