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Management Practice (MPI) has been an active adviser to mutual
fund directors and their counsel since 1970. MPI provides independent
information to help fund trustees carry out their responsibilities.
Originally, MPI's work focused on the contract renewal process, but it
now also includes consultation concerning the dynamics of the board
itself, fee negotiation, and trustee compensation and benefits. In each
of the areas outlined below, we have worked closely with advisers,
counsel, and independent directors. MPI does not either directly or by
implication provide legal advice.
MPI operates a dedicated mutual fund governance website:
www.mfgovern.com
Compensation Review for Independent Directors -
For 15 years MPI has provided compensation consulting using industry
peer group comparisons, as well as providing more in-depth analyses
that assess the effort, expertise and exposure of each director in
order to properly set pay levels.
New Trustee Selection and Criteria - Including identification of future governance needs, current gaps, retirement cycles and needs assessment.
Contract Renewal/15(c) - MPI assists fund boards with the process of analyzing, negotiating and renewing the advisory and other related contracts.
Special Topics -
MPI has expertise and can assist boards in various areas such as
analysis of fees and fund expenses, proxy voting, soft dollars, and
trading practices.
Director Workshops - MPI
facilitates workshops across the country that focus on particular
topics such as compensation or the role of the Independent Chairman.
Trustee Education Publishing - MPI has published several books, including The Uneasy Chaperone: A Resource for Independent Directors of Mutual Funds and the Uneasy Chaperone: The Critical Role Of Independent Directors of Mutual Funds.
Our next book is due in spring of 2008. MPI has also written several
short plays to illustrate specific governance practices. Download our brochure for more information on how to order, or simply send us an inquiry bellow.
Special Evaluations of Fund Fee Schedules in the Context of Fee Litigation -
These reviews include comparisons of fund fee structures and expenses
with similar funds, analysis of changes and trends in fee structures,
analysis of relationship profitability for the adviser, and modeling of
possible variations to the existing starting fee and scale down formula.
Special Evaluation of Costs Related to Proposed or Existing 12b-1 Plans - Including tracking of appropriate distribution expenses.
Evaluation of Proposed Changes in Management Fees or Other Elements of Fund Expense - Including complex-wide expenses such as administration, fund accounting, transfer agency and custody.
Possible Change of Adviser or Sub-adviser - Including selection criteria and priorities.
Expert Witness on Behalf of the Independent Trustees of Mutual Funds - MPI has served as expert witness for independent directors in a variety of cases.
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