Sponsor of Mutual Fund

May 16, 2016 5:12 pm

What stops the board of directors of a mutual fund to switch away from a sponsor/investment advisor? Am I wrong to think an individual could buy into a fund and vote in a new board of directors with the expectation that the new board will switch to a new investment advisor? To put it differently, if I want to sponsor a fund, then what stops the board from firing me as the sponsor?