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.