Voting Rights II: How Funds Raise Fees Without a Shareholder Vote
With so much attention focused on shoring up voting rights, investors might be surprised to learn that their right to vote their mutual fund shares is being steadily whittled away -- seemingly with the Securities and Exchange Commission's blessing.
The SEC has exempted hundreds of so-called multimanager funds from having to obtain shareholder approval to replace subadvisers. Multimanager funds, the best known of which is probably Littman/Gregory Fund Advisors' (MSEFX Quote)Master's Select Equity, apportion the fund's portfolio among a team of money managers, known as subadvisers. One problem with the exemption, as I explained in my Tuesday column, is that it has been granted to dozens of "multimanager" funds that never actually hire more than one subadviser. ...
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