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Monday, July 13, 2009|
Dreyfus Moves to Consolidate Fund Boards
Dreyfus.is consolidating fund boards as part of efforts to cut costs. A June 17 SEC filing details a proposal to elect a new slate of directors for five funds: Dreyfus Discovery Fund, Dreyfus Equity Growth Fund, Dreyfus Global Growth Fund, Dreyfus Mid-Cap Growth Fund and Dreyfus Passport Fund.
The proposed roster of directors currently serve as board members to other Dreyfus funds.
"The Company’s current Directors believe that electing the proposed new slate of Directors to the Board would be beneficial to the Company’s shareholders because, based on information provided by management, the full consolidation of the Board and certain other operations should result in meaningful cost savings to Fund shareholders," the filing states.
The consolidation will allow for lowered overall expenses for the funds, as combined directors' fees, legal fees, compliance expenses and insurance premiums will all fall.
The proposal is up for a shareholder vote on August 20.
Printed from: MFWire.com/story.asp?s=22049
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