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5358   Beyond Expense Benchmarking: Economies of Scale, Mutual Fund Profitability, Breakpoints and Director Oversight 30 Jun 2:00PM 3:00PM June Wednesday 1 2016

Fund-by-fund review of advisory profitability and economies of scale continue to be pillars of the 1940 Act, Section 15(c) contract renewal process since the 1982 "Gartenberg" case. Recent actions continue to suggest that directors should not rely solely on market competition as a justification for approving advisory fees.

Assessing fund profitability, breakpoint pricing, expense reimbursements and fee waivers while taking into account necessary reinvestments in the business is challenging. Incorporating it with additional oversight responsibilities, including the comparison of relative expense and service quality benchmarking, in an environment of growing regulations, can become overwhelming.

This webinar discusses guidelines which independent fund directors can begin their annual assessment regarding the reasonableness of advisor profitability and economies of scale. Also discussed are trends and influences impacting scale, profitability and oversight including industry-wide breakpoint statistics, trends in expense reimbursements, competitive forces on advisory fees, estimates of industry profitability ratios and trends, and recent regulatory issues influencing all of these issues.

This webinar will be broadcasted live on Wednesday, June 1, 2016 at 2 pm (ET).

To receive member pricing, login to the site before clicking register.  If you need assistance, call the Forum at (202) 507-4488.
            Forum Webinar Series      
Sara Yerkey
Partner
Management Practice, Inc
 
Sara Yerkey began her career in Finance in 1996 with Standard & Poor's, in their financial analysis and product sector. In 2001, she shifted into the mutual fund industry, working for Janus in their Corporate Finance division. She continued through 2006 as a Director of Financial Analysis and Strategy, when she joined Management Practice. Sara has a BS in International Business from Trinity University, receiving her Masters in Finance from the University of Colorado in 2002. Sara has worked for Management Practice since January 2007, focusing on the areas of mutual fund governance, contract renewal, and profitability analysis.
 
Kelley Howes
Of Counsel
Morrison & Foerster LLP
 
Kelley Howes is Of Counsel in Morrison & Foerster's Investment Management practice group. She has experience with a wide range of legal, regulatory, compliance, corporate governance, insurance, and other matters relating primarily to the representation of U.S. registered and unregistered investment advisers, transfer agents, and broker-dealers. Ms. Howes has more than 20 years' experience in investment management-related matters. Prior to joining Morrison & Foerster, she served in various roles within Janus Capital Group, Inc., Janus Capital Management LLC, the Janus Funds and Janus Distributors LLC. Ms. Howes earned her J.D. from Suffolk University, her M.B.A. from Northwestern University, and her B.A. from St. Lawrence University.
$100
Free
W   Jun June Wednesday 1 2016     0.0000 0.0000
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