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Sponsor of Mutual Fund

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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?