# kaal:claim:2715083-020

**Claim.** In a multimanager series trust the board is largely independent of any adviser in the fund group, because the structure is centered on an unaffiliated administrator rather than on the sponsoring investment adviser.

**Type.** mechanism  **Support.** argued

**Holds when.**

- multimanager series trust arrangements

**Source quote.**

> Unlike the board in a traditional mutual fund governance setting, the board in a multimanager series trust arrangement is largely independent of any advisers within the fund group.

**From.** Kaal, *Confluence of Mutual and Private Funds* (2016), V.2 Mutual Fund Governance, page 17

**Cite as.** Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083

**Verify.** sha256 of source PDF `b5c92186260d4a8499a14f81ee24ace093b24e7740af3effcd1c526fa4fa221e` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202016%20-%20Confluence%20of%20Mutual%20and%20Private%20Funds.pdf

**Topics.** reputation, corporate-governance, governance-design, private-funds

**Keywords.** multimanager-series-trust, board-independence, mutual-fund-governance, administrator

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