When it comes to selecting an investment adviser to manage the diminutive but fiercely independent Investors Research Fund of Santa Barbara, Calif., the board of directors takes its job very seriously.

Since 1994, the stand-alone broker-sold fund, which claims no ties to any bank, brokerage or mutual fund advisory firm, has had three different investment management firms and one sub-advisory firm managing its assets.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.