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RBB Names Innovator Lisa Dolly as Director; Pioneer J. Richard Carnall Steps Back

·3 min read

CHADDS FORD, Pa., October 27, 2021--(BUSINESS WIRE)--The Boards of Directors/Trustees (the "Boards") of The RBB Fund, Inc. and Penn Capital Funds Trust (collectively, "RBB"), are pleased to announce the appointment of Lisa A. Dolly as director/trustee of RBB effective October 1, 2021. Dolly joins RBB with more than three decades of experience in the financial services industry, having served in numerous executive level positions.

Most recently, Dolly served as the Chief Executive Officer of Pershing LLC, a BNY Mellon company. As CEO, Dolly delivered impressive financial results, developing a scalable and customizable platform that resulted in outsized benefits to the companies on Pershing’s platform. During her tenure, Dolly was named by Investment News to an elite list of "Women to Watch," and was also named as one of the "50 Most Influential Women in Private Wealth" by Private Asset Management Magazine.

"As more alternative managers pile into ETF vehicles, Lisa’s background within this space enhances RBB’s ability to provide best in class and innovative stewardship to our current and prospective clients," says Arnold Reichman, Chairman of the Boards. "Innovation doesn’t stop at the ‘40 Act, and we look to Lisa to help us move forward."

"As asset managers face pressure to improve internal efficiency and respond to dynamic changing investor needs, RBB is uniquely qualified to be their partner of choice with a fully independent model," says Dolly. "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."

In conjunction with the appointment of Ms. Dolly, J. Richard ("Dick") Carnall was selected as Trustee Emeritus of RBB. Carnall founded The RBB Fund, Inc. in 1988, and he had served on its board of directors since 2002.

"Dick’s vision of creating RBB in the late 80’s was revolutionary and changed the industry for the better," says Reichman. "We thank Dick for all his contributions and leadership spanning the past two decades. Not only has he been an exemplative trustee, but he’s been a great friend to us all. On behalf of the Board, we wish him well."

About The RBB Fund, Inc.

The RBB Fund, Inc., the first organized multiple series trust founded in 1988, is a registered open-end investment company organized as a series trust. RBB is a turnkey ETF and Mutual Fund solution which permits an investment advisor to focus on its core competency of asset management and shifts responsibility for the establishment, servicing, and corporate governance of funds to RBB. RBB oversees approximately $19 billion in assets, supporting ten different investment advisors, over 20 unaffiliated subadvisors, and over 40 mutual fund or ETF offerings. For more information, please visit

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