From the Editor...
We know how busy independent fund directors have been in recent weeks as we've all worked to adjust to the changing world around us. This "new normal" is still a work in progress, and sharing experiences and perspectives can go a long way in helping one another. We're keeping that in mind as we go about our job of reporting stories aimed at keeping board members and the folks with whom they work informed.
One story we found very interesting is one we heard while sitting down (virtually, of course) with Ray Woolson, independent chair of Advisors Series Trust (AST) and lead independent director of DoubleLine Funds. Woolson talked us through the AST directors' decision to give up the increase in retainer fees they got at the beginning of the year. The temporary waiver will be in place until the markets emerge on the other side of this pandemic, Woolson told us. We're interested to hear other ways boards are coping with the COVID-19 outbreak, so drop us a line if you're willing to chat.
For our latest 10 Things... list, we crowdsourced (as we always do for these lists) ways that fund boards can—and should—be ensuring they are up to speed on business continuity planning and disaster recovery. There are a number of avenues to head down when it comes to discussing BCPs, and our list is a good place to start to generate ideas and priorities. Our prior 10 Things... list covered points to consider when discussing potential impacts of the COVID-19 outbreak, so between the two, boards should be pretty well covered for discussion points in the current environment.
In news not related to the global pandemic, JPMorgan has walked away with a victory after Sixth Circuit Court of Appeals affirmed a lower court's decision to grant the firm summary judgment. JPMorgan had been sued for allegedly violating section 36(b) of the Investment Company Act of 1940, and this ruling is the latest in a string of wins for the fund industry. There remain some more 36(b) cases making their way through the courts, and we're keeping on eye out for any further developments.
We're hoping you and yours are staying well, not too stir crazy. And we're hoping we all see each other again soon. Keep washing your hands!
(PS: Download our latest monthly PDF to make sure you didn't miss anything in March; the link is below.)
Hillary Jackson, founding editor