Millburn Ridgefield LLC
SEC grants Millburn and RBB conditional subadvisory relief
Summary: An October 6 SEC order grants The RBB Fund Trust and Millburn Ridgefield LLC conditional relief for subadvisory agreements and certain disclosures; it does not establish an actual subadviser change.
Why it matters: The order distinguishes authority to change subadvisory arrangements from evidence that a particular change has occurred.
Summary
On October 6, 2026, the SEC granted exemptive relief to The RBB Fund Trust and Millburn Ridgefield LLC permitting them to enter into and materially amend subadvisory agreements without shareholder approval, along with relief from certain disclosure requirements. The order took effect immediately, subject to the conditions in the application, as amended. It grants conditional authority; it does not itself establish that a subadviser was appointed or an agreement changed.
Why it matters
For due-diligence readers, the distinction is between the process available for future subadvisory changes and its actual use. The order provides governance context, but is not evidence of an implemented restructuring or a blanket exemption from shareholder votes. It also does not establish that board oversight has been waived or that any particular fund or series is covered.
Source notes
- SEC order IC-36355, file 812-16043: official October 6 order granting the requested relief, subject to the conditions in the amended application. The short order does not enumerate those conditions; no detailed conditions or particular-series applicability are asserted here.
- Millburn’s public disclosures: identity background linking the Millburn name to Millburn Ridgefield LLC, its predecessors and affiliates as context requires. The SEC order, not this background page, supports the regulatory event.
What to watch
Subsequent public fund disclosures and subadvisory agreements would help establish whether and how the authority is used. The amended application is the relevant source for the conditions and scope of the relief; a later fund-specific disclosure would be needed before linking it to a particular series or actual subadviser change.