Fund Trust Wants Vote-Free Tweaks to Investment Managers
Published Date: 2/4/2025
Notice
Summary
The RBB Fund Trust and First Eagle Investment Management want permission to change their subadvisory agreements without asking shareholders every time. They’re also asking to skip some usual fee disclosures about these subadvisers. If approved, this could speed up management changes and reduce paperwork, with a decision expected by late February 2025.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
Waiver of Shareholder Approval for Subadvisers
The RBB Fund Trust and First Eagle asked permission to enter into and materially amend subadvisory agreements without getting shareholder approval. The application was filed on December 19, 2024, and the SEC may issue an order unless a hearing is requested by February 24, 2025; a decision is expected by late February 2025.
Relief From Fee Disclosure Requirements
The applicants requested relief from certain disclosure requirements so they would not have to provide some usual fee disclosures about fees paid to subadvisers. If granted, investors in the fund could receive less information about subadviser fees.
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The RBB Fund Trust and Tweedy, Browne Company LLC want permission to change their subadvisory agreements without asking shareholders every time and to keep some fee details private. This means they can work faster and keep some info under wraps, but shareholders can still ask for a hearing by February 24, 2025. No direct money changes yet, but this could speed up how fees and agreements get handled.