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Practical Guidance on Fund Mergers and Adviser Combinations

In June 2019, the Mutual Fund Directors Forum released two companion publications, titled Practical Guidance for Fund Directors on Mutual Fund Mergers and Practical Guidance for Fund Directors on Adviser Mergers & Acquisitions. “In the current business environment, directors are increasingly approached with fund merger proposals to address low performance, shrinking assets and a host of other challenges. The guidance presents considerations for fund directors based on their fiduciary duties and regulatory responsibilities as they consider these proposals to merge struggling or redundant funds,” said Joanne Skerrett, counsel at the Mutual Fund Directors Forum. The companion paper on adviser combinations recognizes that although fund directors are not responsible for overseeing the fund adviser’s operations, their input on behalf of the funds is necessary and valuable when an adviser decides to enter into a joint venture, merge with or acquire another business. “The companion papers provide directors with important insights and questions to raise regarding the business, regulatory and governance issues around these transactions amid increasing industry consolidation,” said Susan Wyderko, CEO of the Forum. 

Measuring Risk Reference

Investment risk includes both intended or expected risk from the investment process and unintended risk that may result from investment decisions, assumptions, market movements, and other factors.  While the fund’s adviser manages this risk, directors have an important oversight role.  This Reference provides an overview of the statistical measures that may be used to evaluate investment risk in equity funds and that may be included in reports provided to directors.  The resource includes: key factors to consider when reviewing risk measures; a summary of the most common uses of the risk measures, follow-up questions that directors may find useful; and a glossary with definitions of common risk measures.

Measuring Risk Reference

Practical Guidance on D&O Insurance for Fund Independent Directors

In January 2018, the Mutual Fund Directors Forum released an extensive new paper titled Practical Guidance on Director and Officer Insurance for Fund Independent DirectorsThe paper is designed to be a resource for fund independent directors to build their knowledge of director and officer insurance and indemnification and related topics.

The report can be found here and the related press release can be found here.

Board Oversight of Cybersecurity

On November 17, 2015, the Forum released a report titled Board Oversight of Cybersecurity. This Forum report assists directors by outlining and describing the context of cybersecurity risks and offers suggestions as to how boards may wish to address cybersecurity oversight.

The report can be found here and the related press release can be found here.

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