FYI: Fund Sub-Adviser Retained Without Shareholder Vote
Posted onFYI: Under a no-action letter issued this week, a fund will be allowed to retain an interim sub-adviser during an additional 60 days when, despite diligent efforts, the fund was unable to garner the requisite shareholder proxies to approve the sub-adviser during the 150-day period allowed under Investment Company Act Rule 15a-4. During the additional 60-day period, the adviser will be required to bear all proxy solicitation expenses and to waive a portion of its advisory fee equal to the fee payable to the sub-adviser under the interim sub-advisory agreement. No-action letter: https://www.sec.gov/divisions/investment/noaction/2017/nuveen-fund-advisors-15a-062017.htm. * * *