A former general counsel for the ICI just joined an asset manager's mutual funds' board.

Yesterday Nora Everett, president and CEO of Principal Funds [see profile], confirmed the addition of Karrie McMillan to the Principal Funds board of directors. Principal Funds is the mutual fund arm of Des Moines, Iowa-based insurance giant Principal Financial Group.

Principal spokeswoman Jaime Naig confirms that McMillan joined the Principal Funds board on September 10, filling an open seat.

An alum of Willkie Farr and Gallagher, Shearman and Sterling and the SEC, McMillan most recently spent six and a half years at the Investment Company Institute (ICI). She served as the ICI's general counsel and departed in February of this year.

After McMillan's departure from the ICI, Dorothy Donohue served as acting general counsel for the mutual fund industry trade group. Now SEC alum David Blass as the ICI's general counsel.

There are now 11 directors on the Principal Funds board, including nine independent directors and two interested ones. 

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