MassMutual forms single fund board of trustees
MassMutual has merged its two fund boards to form a single fund board of trustees, overseeing its four proprietary mutual fund families, effective from 1 January 2012.
Combined Board chairman Richard Ayers said that merging yields benefits such as operating efficiencies and lower costs, enhanced governance and oversight through the additional experiences, abilities, and perspectives of the combined Boards and broader insight into all issues affecting the MassMutual Funds.
MassMutual Premier Funds and MassMutual Select Funds president Eric Wietsma said: "The combined Board will benefit all of the Funds and shareholders by reducing duplication of certain expenses, management responsibilities, and duties related to having multiple Boards."
The streamlined structure also provides Trustees with more flexibility in hiring and replacing the sub-advisers.
The four fund trusts include the MassMutual Premier Funds, MassMutual Select Funds, MML Series Investment Fund, and MML Series Investment Fund II.
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