Research Handbook on the Regulation of Mutual Funds
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Research Handbook on the Regulation of Mutual Funds

Edited by William A. Birdthistle and John Morley

The growth of mutual funds has been a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes have created different regulatory preferences for the oversight of these funds, and academics, public officials, and legal practitioners wishing to understand the global investing environment need an appreciation for these international differences. This Handbook addresses these and several other issues concerning mutual funds. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investments funds as well identity and behavior of investors and issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds.
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Chapter 8: Toward better mutual fund governance

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.

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