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Contract Committee
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Written by Sara Yerkey, Management Practice Inc and Max Rottersman, FundAnalyze.com
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What percentage of open-end mutual fund assets have advisory-fee breakpoints? The answer might surprise. Almost 40% of all fund assets provide economies of scale to their shareholders by including board-approved breakpoints in their fee structures.
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CCO Responsibilities & Compensation
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Written by C. Meyrick Payne of Management Practice Inc. (MPI)
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The passage of the Dodd-Frank Act in July 2010, along with regulators’ increased emphasis on risk management, is heightening the importance of having the right person in the chief compliance officer role.
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Full Board
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Written by C. Meyrick Payne and Jay Keeshan of Management Practice Inc.
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Closed-end funds are often formed because they offer investors an opportunity to invest in a focused portfolio which meets their specific needs, usually with built-in leverage, potentially higher returns, and tax advantages. Often the investment focus of the fund is fashionable at the time it is launched. Theoretically the investor can get their money out by selling shares to another investor through one of the established stock exchanges.
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CCO Responsibilities & Compensation
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Written by Jay Keeshan and Meyrick Payne, Management Practice Inc. (MPI)
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MPI recently completed its sixth annual Survey of Mutual Fund Chief Compliance Officer Compensation and Organizational Practices. This bulletin summarizes the findings and is based on the submissions of 63 fund CCOs, representing funds with $3.4 trillion in assets. 65% of the participants were full-time employees and serve as CCO to both the fund and the advisor.
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Governance Committee
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Written by C. Meyrick Payne and Sara D. Yerkey of Management Practice Inc. (MPI)
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Every year fund directors undertake a carefully conducted but somewhat
subjective board effectiveness evaluation. Typically, counsel to the
independent directors administers a well-honed questionnaire about
independence, preparation and attendance. The directors often
confidentially review their own performance in addition to the board as a
whole. The process creates an opportunity for discussion and ultimately
the strengthening of the board, benefiting the fund shareholder. The
addition of tangible measurements, which are not commonly used, can give
further insight and enhance the evaluation experience. This bulletin
explores a quantitative focus for measuring fund board effectiveness.
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