Drafted in response to the pending independent chairman rule, the proposal would shrink the number of boards overseeing Oppenheimer funds to three from four. Among the myriad funds that would be overseen by the new board, two of them would be the $12.5 billion Oppenheimer Global Fund and the $187 million Oppenheimer Real Estate Fund.
"An 11-member board is relatively large for a mutual fund," said Lisa Hamman, assistant counsel for the Independent Directors Council, an industry group.
A number of large fund complexes have gone the route of having a single, or a few, boards overseeing multiple funds, including, among others,
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