From the Editor...
When a Maryland closed-end fund asked the Securities and Exchange Commission in 2010 to allow it to opt in to its state's control share statute, the regulator rejected that request. In issuing its Boulder no-action letter, it effectively eliminated one tool that a CEF could use to protect the interests of long-term shareholders. Last year, the SEC staff withdrew the Boulder letter, and given the amount of activist investor activity in the CEF market, this has become a hot topic of late. To get a good understanding of what has been going on, and what's likely to happen next, we pulled together some industry experts—Ultimus Fund Solutions' Dave Carson, Investment Company Institute's Ken Fang, Ropes & Gray's Paulita Pike, and John Cole Scott from Active Investment Company Alliance and CEFData.com—for a two-part Q&A. The resulting piece is chock full of useful information and interesting perspectives. Set aside some time to read both Part 1 and Part 2—it'll be worth it.
Meanwhile, we're continuing to follow changes in the nation's boardrooms, most recently reporting on new directors joining BlackRock Funds' and Nuveen Funds' boards. By highlighting these new directors and what skills and experience they bring to their respective boards (as well as how the new additions change the composition of the boards they join), we're hoping to help others who are beginning the succession planning and/or recruiting process. And in our latest Viewpoints, by Cohen & Company's Jeff Haneline, we provide readers with a thorough look at fund consolidation trends, including what fund boards should be thinking about and focusing on. It's a good read, so don't miss it.
And finally, it wouldn't be summer without FBV's annual reading list! This is such a fun project for us to put together, and we hope you enjoy it as well. This year's list includes fiction, non-fiction, memoirs, historical novels, and two different kinds of spy thriller—and we highlighted books in our bonus category that are authored by independent fund directors, an independent director's wife, and our publisher's brother-in-law. Happy reading! And Happy summer! Enjoy the glorious weather and all the fun that can be had this time of year.
Hillary Jackson, founding editor