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Rachael Schwartz, a partner in Sullivan's Investment Management practice, contributed to a new paper published by the Independent Directors Council (IDC), Multiple Series Trusts: An Overview for Fund Trustees.

The paper examines the structure and benefits of multiple series trusts (MSTs), which allow unaffiliated investment advisers to offer registered funds under a common trust with shared governance and service providers. It explores the unique oversight responsibilities of independent fund trustees, including adviser compliance, board governance, advisory contract reviews and risk management considerations.

The paper also provides practical questions and considerations to help trustees navigate the governance complexities associated with overseeing multiple unaffiliated advisers within a single trust structure.

IDC, part of the Investment Company Institute (ICI), serves the U.S.-registered fund independent director community and promotes effective fund governance.

Read the full paper here.