From the Editor...

We've been writing about the generational shift going on in the fund governance space for years now, so it stands to reason that boards large and small have been saying goodbye to some long-serving independent directors, fixtures in the industry for decades. One such director is James Bodurtha, who retired from BlackRock's equity-bond funds board at the end of 2018 after serving on it and its predecessor MLIM board for more than two decades. His service to fund boards goes back another two and a half decades to when he helped start and run the investment company practice at Squire, Sanders & Dempsy in the early 1970s. Bodurtha authored a piece for FBV in which he looks back at his nearly half-century in the fund business and offers his perspective on the current state of affairs. It's a must-read.

Another topic we've been writing about for years is the litigation with which the industry deals on an ever-increasing basis—specifically suits alleging violations of Section 36(b) of the Investment Company Act of 1940. The industry keeps winning these cases—as BlackRock did earlier this month—but funds and directors remain spooked by the threat of litigation. For this reason, and others, boards should be paying attention to the insurance coverage they have in place, which is why we've dedicated our most recent 10 Things feature to the subject. 

If there's a subject or issue you'd like to see covered in 10 Things, please reach out. 

Inside the boardrooms of Ivy Funds and Diamond Hill Funds, new directors are taking their seats, and we've got the details for you on those board changes. 

As we embark on the beginning of conference season, with the Mutual Fund Directors Forum annual gathering taking place in Washington, D.C., next week and the Investment Company Institute's Mutual Funds and Investment Management Conference happening in San Diego later in March, we'll keep you informed—and hopefully we'll run into some of you in person!

For now,

Hillary Jackson, founding editor