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Anita K. Krug

The chapter contemplates possible ways to improve the governance of mutual funds, focusing specifically on a new model. In this new governance model, multiple funds in a common family are not managed by a single investment adviser but rather by numerous advisers, each managing one or a small number of funds within the organization. The chapter contends that although the new model produces novel risks, there are reasons to believe that it is as least as effective as the traditional model, and may in fact be superior in some ways. Specifically, because the new model produces fewer sources of conflicts of interest than the traditional one, it may strengthen the board’s ability to uphold its fiduciary duties to fund investors.