News & Events

Partner Kenneth Burdon was quoted in a Fund Directions article titled, “NYSE Petition, House Bill May Help CEFs Fight Activists for Fund-Board Control,” which discussed a recent bill in the House and a proposal from the NYSE that would impact activist practices when targeting closed-end fund boards. When discussing the House bill that would impose a 10% ownership threshold for a private fund when shares are aggregated with other funds with the same adviser, Ken noted, “If the legislation passes, that would be a big win for the closed-end fund industry.” He further observed that the NYSE proposal to eliminate the requirement for closed-end funds to hold annual shareholder meetings would put the burden on activists to go through the corporate governance process to call for shareholder meetings themselves, presenting “a fundamentally different strategic calculus for the activist.”

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