Tweedy Browne Seeks Shortcut on Fund Management Shifts
Published Date: 2/4/2025
Notice
Summary
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.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Subadviser Agreements Without Vote
The RBB Fund Trust and Tweedy, Browne filed an application (filed December 16, 2024) asking the SEC for permission to enter into and materially amend subadvisory agreements without getting shareholder approval. The SEC says an order granting this relief will be issued unless it orders a hearing; interested persons may request a hearing by 5:30 p.m. on February 24, 2025.
Fee Disclosure Relief Sought
The applicants asked the SEC for relief from certain disclosure requirements (including rule 20a-1, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, and sections 6-07(2)(a), (b), and (c) of Regulation S-X) so that fees paid to subadvisers could be withheld from public disclosures. The application was filed on December 16, 2024; shareholders may request a hearing by 5:30 p.m. on February 24, 2025.
Shareholder Hearing Request Deadline
If you want to contest the application, you can request a hearing by emailing the SEC's Secretary and serving the applicants; hearing requests must be received by 5:30 p.m. on February 24, 2025, and must include proof of service (an affidavit or certificate of service for lawyers).
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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.
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