The founder of a 33-year-old, $19-billion-AUM mutual fund series trust is stepping back.

Lisa A. Dolly The RBB Fund, Inc. Director/Trustee

Last week, Arnold Reichman, chairman of the boards of the RBB Fund, Inc. and of Penn Capital Funds Trust, confirmed that board member Dick Carnall is becoming a trustee emeritus for RBB. Meanwhile, Lisa Dolly joined RBB's board on October 1.

Carnall founded RBB in 1988, when he was president of PFPC/PNC Global Servicing, and he joined RBB's board in 2002. He is an alumnus of Temple University.

"Dick's vision of creating RBB in the late 80's was revolutionary and changed the industry for the better," Reichman states.

As for Dolly, she served as CEO of BNY Mellon's Pershing until leaving in 2019. She lauds RBB as "uniquely qualified" to help asset managers. (RBB currently support more than 40 funds from more than 20 subadvisors.)

"RBB's rapidly expanding ETF platform is highly responsive to current marketplace trends, and I'm honored to be joining the oldest and largest multiple series trust that continually adapts to serve its advisors," Dolly states.

Dolly spent more than 30 years at BNY Mellon. She is an alumna of Rutgers University. 

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