From the Editor...
The dog days of summer are truly upon us. The temperature gauge is hovering around 100 degrees (in many parts of the country), vacations are in full swing, and—because it's a presidential election year—political news is eclipsing market news much of the time. Still, stuff is happening in the mutual fund board and fund governance worlds.
Most notably, there is activity in the litigation space. What's that saying? The plaintiffs' bar never sleeps? Well, not really, but maybe it should be a saying...At any rate, the next phase of the Section 36(b) case against State Farm Investment Management, Ingenhutt et al v. State Farm Inv. Mgmt. Corp., has begun with a second amended complaint filed by the plaintiff. The next step, presumably, is for State Farm's lawyers to file another motion to dismiss (which was successful in the last go-around). Stay tuned...
...And stay up to date on 36(b) cases in general with ICI Mutual's recently published FAQs. It's an overview of what's happened with litigation since the landmark 2010 Jones v. Harris Associates decision.
In boardrooms, casts of characters often are changing, and we aim to keep the market informed so as to provide insight to fund directors on how their peers are handling such personnel needs. From boards overseeing fund families with a small amount of assets under management—FMI Funds and Arrow Funds—to those overseeing larger fund groups—Nuveen Funds—there are similarities and differences in the way succession is dealt with, and lessons to be learned.
As we head into August and start thinking about the fall, the end of the year will come into focus, and we'll be focused on the issues important to our readers at that time of year. But until then, enjoy these lazy, hazy days.
Hillary Jackson, founding editor, Fund Board Views