May 15, 2012 -- by Hillary Jackson

Regulation Discussions Dominate IDC Workshop

The ever-changing regulatory landscape was at the forefront of discussions among independent mutual fund directors at this year’s Directors Workshop in Washington, D.C.

May 10, 2012 -- by Hillary Jackson

Fund Firm Bigs Fret Director Responsibilities

Senior executives at some of the country’s largest and most well known mutual fund firms expressed concern Thursday that independent directors are overburdened and distracted by increasing responsibilities in the board room.

May 10, 2012 -- by Hillary Jackson

‘10 Things I Learned From Howard Schultz’

Mellody Hobson, chairman of the Investment Company Institute GMM Planning Committee and president of Ariel Investments, gave an inspirational introduction of Howard Schultz, chairman, president and ceo of Starbucks, before his keynote address at lunch on Thursday.

May 11, 2012 -- by Hillary Jackson

Star Wars Creator Delivers Big In Closing Session

Legendary filmmaker George Lucas took to the stage on Friday at the Investment Company Institute General Membership Meeting and delivered just what the mutual fund industry executives in the audience wanted: stories about Star Wars, Indiana Jones and working in the movie business.

May 11, 2012 -- by Hillary Jackson

Reporters Notebook

Tidbits from here and there around the Investment Company Institute General Membership Meeting and Independent Directors Council’s Directors Workshop in Washington, D.C., May 9-11.

Mar 28, 2012 -- by Hillary Jackson

Industry Vs. Regulator Heat Rises In The Desert

Mutual fund directors and other industry insiders are dismayed by the disconnect between the industry and regulators, a rift that was evident during the three-day 2012 Mutual Funds and Investment Management Conference in Phoenix last month.

Mar 27, 2012 -- by Stan Wilson

SEC’s Walter Extends Money Fund Olive Branch

Securities and Exchange Commission member Elisse Walter moved to reopen dialogue between the money market fund industry and regulators at 2012 Mutual Funds and Investment Management Conference in Phoenix.

Mar 27, 2012

Legal Eagles: Don’t Let Prospectuses Bite You

Fund boards and their counsel must not relax vigilance against anything in fund documents that might open directors to lawsuits, members of the panel on litigation developments warned the audience at the 2012 Mutual Funds and Investment Management Conference.

Mar 21, 2012 -- by Hillary Jackson

ICI’s McMillan Lays Out Threats Hanging Over Fund Industry

Setting an ominous tone at the start of the 2012 Mutual Funds and Investment Management Conference, Karrie McMillan, general counsel to the Investment Company Institute, declared the fund industry under threat on several fronts.

Mar 21, 2012 -- by Hillary Jackson

Fund Lawyer: Fee Allocation Should Be Top Task For Trustees

Ruth Epstein, partner at Stradley Ronon Stevens & Young, urged mutual fund trustees to be diligent in reviewing and approving fee allocation arrangements with sub-advisors of funds that feature alternative—and often more costly—investment strategies.

Mar 21, 2012 -- by Hillary Jackson

Product Development A Priority For Putnam Board

The board of Putnam Funds has increased the amount of time it allocates to interacting with the product development team as the Boston fund firm has ramped up its fund launches and delved into more complex markets and structures.

Mar 21, 2012

Reporter’s Notebook

2012 Mutual Funds and Investment Management Conference Phoenix, March 18-21

Nov 03, 2011

WEBINAR: Understanding the SEC’s Changing Role in Mutual Fund Regulation

The new Asset Management Unit of the Securities and Exchange Commission’s Division of Enforcement is focusing on mutual fund regulatory and governance issues. Mutual fund trustees, executives and counsel want to know what this development means to them and how they should prepare.

Sep 22, 2011

ICI Tax & Accounting Conference

The Investment Company Institute 2011 Tax & Accounting Conference took place in Palm Desert, Calif., in mid-September.

May 06, 2011

SEC Taking On 12b-1, Fiduciary Issues Concurrently

The Securities and Exchange Commission plans to write fiduciary duty rules for brokers in the second half of this year, at the same time as it will be making changes in the rules governing the distribution fees funds pay brokers, said Beltway insiders familiar with its plans.

May 09, 2011

Understanding Director Oversight Of Derivatives

It's important for the board to understand the impact of derivatives and other complex securities on the overall portfolio without getting too technical and crossing over into micromanagement, according to a panel on complex securities issue facing fund boards.

Jun 02, 2011

Upholding Cost, Quality During Transfer Agent Shift

As more transfer agents are shifting to omnibus recordkeepers, boards are looking at these agreements to make sure the quality and costs are being upheld.

May 05, 2011

Rominger Outlines Priorities

Money market fund reform is at the top of Eileen Rominger's, the new director of the Securities and Exchange Commission's Division of Investment Management, to-do list. Systemic risk must be dealt with in a way that makes money funds "a good robust product," Rominger said during a roundtable discussion.

May 05, 2011

Mutual Fund Trade Groups Converge

Susan Wyderko, executive director of the Mutual Fund Directors Forum, announced that its members will soon have access to benefits generated by the National Investment Company Service Association, including webinars, teleconferences and live conferences.

May 09, 2011

Understanding Director Oversight Of Derivatives

It's important for the board to understand the impact of derivatives and other complex securities on the overall portfolio without getting too technical and crossing over into micromanagement, according to a panel on complex securities issue facing fund boards.

Jun 02, 2011

11th Annual Mutual Fund Directors Forum Policy Conference

Apr 08, 2011

Trustee Of The Year: Bruce Crockett, independent chairman, Invesco Funds

Crockett guided the board of the Invesco Funds through a series of complicated transactions during the complex’s acquisition of the Van Kampen Funds and some Morgan Stanley funds.

Apr 08, 2011

Small Board Trustee Of The Year: John Demaret, independent chairman, Rydex-SGI Funds

Demaret led the board of the Rydex-SGI Funds on a number of different governance issues over the past year.

Apr 08, 2011

Lifetime Achievement Award Recipient: Andrew “Buddy” Donohue

Donohue, who is now a partner at law firm Morgan Lewis, is the former director of the Securities and Exchange Commission’s Division of Investment Management, having left his post after more than four years in the fall.

Apr 08, 2011

Independent Counsel of The Year: George Silfen, partner, Schulte Roth & Zabel

Silfen guided the independent directors of the RiverSource Funds through the integration of the Columbia Funds and RiverSource complex.

Apr 08, 2011

18th Annual Mutual Fund Awards

Fund Directions has named Bruce Crockett, independent chairman of the Invesco Funds, its 2010 Trustee of the Year and John Demaret, independent chairman of the Rydex-SGI Funds, as Small Board Trustee of the Year.

Apr 04, 2011

SEC Revisiting Regulatory Framework Of Derivatives, ETFs

The Securities and Exchange Commission is reviewing the American Bar Association's report on derivatives, which suggested a bifurcated approach that is interpreted based on the underlying assets and then on the counterparty side to limit exposure and adopt a new rule under 12d-3, according to Jennifer McHugh, senior advisor to the SEC Chairman Mary Schapiro.

Apr 04, 2011

Plaze Highlights Money Market Reform Comments

Comments on the President's Working Group Report on Money Market Fund Reform from big names, including Fidelity Investments, HSBC, BlackRock and Squam Lake Group, are being reviewed by the Securities and Exchange Commission, according to Robert Plaze, associate director of the SEC's Division of Investment Management.

Apr 04, 2011

CFTC Commodity Pool Proposal Piles On Director Concerns

The Commodity Futures Trading Commission's proposal to regulate investment companies that invest in commodities has created some consternation with fund boards, according to Margery Neale, partner at Willkie Farr & Gallagher.

Apr 07, 2011

SEC Warming Up To Fee Issues

After a period of rarely using its authority in an excessive fee suit, the Securities and Exchange Commission's Division of Enforcement's mutual fund fee initiative is the Commission's way of jumping into the ring, according to Philip Kirstein, senior officer and independent compliance officer at AllianceBernstein Mutual Funds.

Apr 07, 2011

Risk Cases Experiencing Revival

There's been a renaissance in cases involving risk, according to Robert Zack, executive v.p. of OppenheimerFunds.

Apr 07, 2011

Litigation Developments Up The Ante With 15(c)

Following new litigation developments, such as the Supreme Court's decision in the case of Jones v. Harris Associates, boards and their independent counsel have been looking to improve the 15(c) contract renewal process and to visit it more frequently, according to Marguerite Bateman, partner at Schiff Hardin, who spoke on a fund board panel.

Apr 07, 2011

Budget Concerns Ground Regulators

The Securities and Exchange Commission's budget woes were on full display at the conference where federal officials, including Eileen Rominger, head of the Division of Investment Management, and Jennifer McHugh, senior advisor to Chairman Mary Schapiro, did not attend in person as they usually do but instead participated via video conference.

Apr 07, 2011

Aiming For Partnership With An Advisor

Boards need to have confidence in the advisor as the partnership between the two plays a critical role in how the funds run, according to a panel on fund board dynamics, governance and key issues.

Apr 27, 2011 -- by Melissa Karsh

Reporter's Notebook

Some additional coverage from the ICI & FBA's 2011 Mutual Funds and Investment Management Conference

Apr 27, 2011

Hunting For Violations

The SEC staff is conducting sweep exams for excessive mutual fund fees or portfolio valuations in hopes of bringing actions against fund boards, which have a duty to approve both fees and valuations.

Oct 07, 2011

Pozen: Days Numbered For C-Shares, ‘Public-Private’ Firms To Be Winners

Reforms to Rule 12b-1 will hasten the demise of the C-share class, Robert Pozen, chairman emeritus MFS Investment Management and interested trustee of MFS Mutual Funds, predicted at the NICSA General Membership Meeting in Boston this week.