Wedbush Funds Seek SEC Nod to Bypass Votes on Adviser Swaps
Published Date: 7/10/2025
Notice
Summary
Wedbush Series Trust and Wedbush Fund Advisers want permission to change their subadviser contracts without asking shareholders every time. They’re also asking to skip some usual fee disclosures about these subadvisers. If approved, this could speed up how they manage funds, with a decision expected by early August 2025.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Change Subadviser Deals Without Shareholder Vote
Wedbush asked the SEC for permission to enter into and materially change subadvisory agreements without getting shareholder approval. The application was filed May 29, 2025, and the SEC will issue an order unless a hearing is requested by August 4, 2025.
Fee Disclosure Relief for Subadvisers
Wedbush requested relief from several disclosure rules so it would not have to provide certain fee information about subadvisers, including exemptions from section 15(a) of the Investment Company Act and disclosure requirements in rule 20a-1, Item 19(a)(3) of Form N-1A, parts of Schedule 14A, and parts of Regulation S-X. The company filed this application on May 29, 2025, and parties may request a hearing by August 4, 2025.
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