MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, June 2, 2000 June 2, 2000 Independents day From Morningstar The SEC is looking out for independent directors of mutual fund companies. Independent directors, who must make up 40% of a fund's board, can't be affiliated with the investment advisor or interested persons. In a brief filed in federal court, the agency said that they have the right to act in situations that involve breaches of fiduciary duty and conflicts of interest. "The primary responsibility for protecting the interests of shareholders lies with the independent directors," the SEC wrote in the brief. Start-up for the Social Bond fund From CBS Marketwatch.com Domini Social Investments, in conjunction with Chicago-based South Shore Bank, has launched the socially responsible Social Bond fund. The fund intends to concentrate on debt instruments and other investments that support and promote community development, such as affordable housing and economic empowerment for low-to-medium income entrepreneurs. Printed from: MFWire.com/story.asp?s=25723 Copyright 2000, InvestmentWires, Inc. All Rights Reserved |