MassMutual combines boards of trustees into one that runs all trusts

By Tali David

Minneapolis, Jan. 13 - MassMutual announced that it has combined the two boards of trustees that formerly oversaw the company's four mutual fund families into one board of trustees that now oversees all four trusts. The four trusts are the MassMutual Premier Funds, MassMutual Select Funds, MML Series Investment Fund and MML Series Investment Fund II.

Shareholder approval, which was required for the combination of the boards, was solicited last year. The plan went into effect Jan. 1.

"We see a number of benefits from combining the boards, particularly improved operating efficiencies and lower costs, enhanced governance and oversight through the additional experiences, abilities, and perspectives of the combined boards and broader insight into all issues affecting the MassMutual Funds," Richard Ayers, chairman of the combined board, said in a press release.

All of the trustees worked together to outline committee tasks and make trustee assignments, the release noted.

MassMutual said it believes the new board structure will eliminate the need to replace any independent trustees for the foreseeable future, thereby eliminating the time and cost that would be required. The company also expects the new structure to provide the trustees with more flexibility in hiring and replacing the subadvisers who manage the portfolios on a day-to-day basis.

MassMutual is a Springfield, Mass.-based life insurance company.

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