Investment Company Institute

The Investment Company Institute (ICI) is the leading global association of regulated funds, including mutual funds, exchange-traded funds, closed-end funds and unit investment trusts in the United States, and similar funds offered to investors in jurisdictions worldwide. ICI encourages adherence to high ethical standards, promotes public financial literacy of funds and investing, and advances the interests of investment funds and their shareholders, directors, and advisers.

Investment Company Institute
Formation1940
PurposeTo encourage adherence to high ethical standards by all industry participants; advance the interests of funds, their shareholders, directors, and investment advisers; and promote public understanding of mutual funds and other investment companies.
Location
  • Washington, DC
Chairman
George C. W. Gatch
Vice Chairman
William F. "Ted" Truscott
President and CEO
Paul Schott Stevens
Main organ
Board of governors
Websitewww.ici.org
Formerly called
National Association of Investment Companies

History

Following the stock market crash of 1929 that presaged the Great Depression, Congress passed a series of acts related to securities and financial regulation.[1] One of these, the Investment Company Act of 1940, clearly defined the responsibilities of investment companies.[2] This same year, what would become ICI was established in New York as the National Committee of Investment Companies, an organization to aid in the administration of the act.[3] It became the National Association of Investment Companies (NAIC) in 1941, and then the Investment Company Institute in 1961.[4]

ICI Global

In 2011, ICI expanded internationally with the launch of the London-based ICI Global, which seeks to advance the common interests and promote public understanding of issues related to international funds, managers and investors, including both regulated U.S. and non-U.S. based funds publicly offered to investors worldwide.[5] In 2013, ICI Global expanded into Asian markets with the opening of an office in Hong Kong.[6]

Role in regulation and education

As an association made up of U.S. investment companies, including mutual funds, closed-end funds, exchange-traded funds (ETFs), and unit investment trusts (UITs), ICI seeks to encourage adherence to high ethical standards among its members to gain public trust and confidence.[7][8][9] It advocates for meaningful disclosure for investors from funds and provides investor education.[10][11] It also provides data and commentary to the SEC to advise its regulatory process, and submits official comment letters and briefs in response to proposals around new financial regulations as well as legal decisions.[12][13]

ICI’s research department includes economists and research analysts who collect and disseminate data on all types of registered investment companies; in 2016 they released more than 300 statistical reports examining various aspects of the industry, as well as 19 research and policy publications.[14] In addition, ICI aims to promote the interests of directors, stockholders and investment counselors as well as the investment funds themselves.[15] The organization has two continuing professional education programs, including a Continuing Professional Education (CPE) program for Certified Public Accountants and a Continuing Legal Education (CLE) program for attorneys.[16][17]

Political role

ICI lobbies on behalf of investment companies, working closely with policymakers and regulators through outreach efforts involving economic and legal analysis, sometimes advocating directly to the public on issues important to its members. It also donates to federal candidates through its political action committee, ICI PAC, having donated $1,939,002 for the 2016 PAC cycle, with 34% going to Democrats and 66% to Republicans[18] In 2016, ICI spent $4,962,719 on lobbying.[19]

Membership

ICI membership is open to Securities and Exchange Commission-registered investment companies (mutual funds, closed-end funds, ETFs, and UITs), their investment advisers, and underwriters, as well as investment managers sponsoring regulated funds offered to investors in jurisdictions worldwide.[20] As of June 2018, ICI membership included 9,115 mutual funds, 562 closed-end funds, 1,643 exchange-traded funds (ETFs), and as of December 2017, 3,580 unit investment trusts (UITs).[21] ICI’s members manage total assets of US$21.9 trillion in the United States, serving more than 100 million US shareholders, and US$6.6 trillion in assets in other jurisdictions.[22]


Leadership

The ICI is run by a board of governors, responsible for setting policies and overseeing the activities of the organization.[23] The organization’s staff is based in its offices in Washington, DC, London, and Hong Kong.[22]

  • George C. W. Gatch, Chairman - Gatch is also CEO of J.P. Morgan Asset Management’s global funds and global institutional businesses.[24]
  • William F. "Ted" Truscott, Vice Chairman - Truscott is also CEO of Columbia Threadneedle Investments.
  • Paul Schott Stevens, President and CEO - Stevens has been President and CEO of ICI since 2004, and served as the Institute's General Counsel from 1993-97. He also is a director of the ICI Mutual Insurance Company.[25]
  • Donald C. Auerbach, Chief Operating Officer - A former member of the staff of Rep. Carolyn B. Maloney (D-NY), he joined ICI in 2004. Auerbach, previously named a leader of ICI's government affairs staff, was named COO in 2018.[26]
  • Marty Burns, Chief Industry Operations Officer - Burns was named to his current position in 2015, previously having served with ICI as the senior director of operations and distribution.[27]
  • Jennifer Choi, Chief Counsel, ICI Global - Choi, who most recently was associate general counsel for global capital markets policy, joined ICI in 1999. Previously, she worked at the SEC in numerous roles.[28]
  • Sean Collins, Chief Economist - Collins joined ICI in 2000 and most recently was senior director of industry and financial analysis. Previously, Collins was a staff economist at the Federal Reserve Board of Governors and at the Reserve Bank of New Zealand.[29]
  • Alexa Lam, Chief Executive of Asia-Pacific, ICI Global - Lam was a longtime official at the Hong Kong Securities and Futures Commission (SFC), where she served as deputy CEO and executive director for investment products, international, and China.[30]
  • Thomas T. Kim, Managing Director, Independent Directors Council - Before joining IDC, Kim served as senior vice president at the Mortgage Bankers Association. Kim is a veteran of ICI, serving as associate counsel from 1999 to 2005.[31]
  • Mike McNamee, Chief Public Communications Officer - Named to his current position in 2012, McNamee first joined ICI in 2006, after serving as Deputy Washington Bureau Chief at BusinessWeek.[32]
  • Susan Olson, General Counsel - Olson joined ICI in 2007, most recently having served as chief counsel of ICI Global and senior counsel of international affairs. Before that, Olson worked with the SEC in the international branch of the division’s Office of the Chief Counsel, where she resolved legal issues arising under the Investment Company Act and the Investment Advisers Act, and provided guidance for trade negotiations.[33]
  • Dean R. Sackett III, Chief Government Affairs Officer & Head of Government Affairs - Sackett joined ICI in 2000 and was appointed to his current role in 2009. He previously served on the staff of Rep. Bob Livingston (R-LA).[34]
  • Patrice Bergé-Vincent, Managing Director, ICI Global - Bergé-Vincent joined ICI as managing director Europe, ICI Global, in April 2015. Before joining ICI, he was a partner with PwC France, where he led the asset management regulatory practice.[30]

References
  1. "Wisconsin Department of Financial Institutions". Wdfi.org. Retrieved 2013-08-26.
  2. "Investment Company Act of 1940". Personal.psu.edu. 2012-11-27. Retrieved 2013-10-08.
  3. Reforming U.S. Financial Markets - Kroszner, Randall S., Shiller, Robert J. - Google Books. Books.google.com. Retrieved 2013-08-26.
  4. The History of Financial Planning: The Transformation of Financial Services - E. Denby Brandon, Jr., H. Oliver Welch - Google Books. Books.google.com. 2009-09-17. Retrieved 2013-08-26.
  5. Benjamin, Jeff (October 11, 2011). "ICI extends reach with global launch". Investment News. Retrieved 5 November 2013.
  6. Flood, Chris (2013-02-24). "ICI Global to open Hong Kong office". FT.com. Retrieved 2013-11-07.
  7. "Investment Company Institute: Private Company Information - Businessweek". Investing.businessweek.com. Retrieved 2013-10-08.
  8. Aven, Paula (2012-04-26). "Spark Institute, ICI update fee disclosure glossary". BenefitsPro. Retrieved 2013-10-28.
  9. "About". Iifaneworleans2013.org. Retrieved 2013-10-08.
  10. "General Counsel Testifies on 401(k) Plan Disclosure at ERISA Hearing, September 2004". ICI. Retrieved 2013-08-26.
  11. "Investment Company Institute |". Thetrustadvisor.com. Retrieved 2013-08-26.
  12. "Regulation in a Global Financial System". SEC.gov. Archived from the original on 2013-10-23. Retrieved 2013-11-07.
  13. "Comment Letters". ICI. Retrieved 2013-11-07.
  14. "2017 Investment Company Fact Book". Icifactbook.org. Retrieved 2018-04-09.
  15. "What Is the Investment Company Institute?". Wisegeek.net. Retrieved 2013-08-26.
  16. "Continuing Professional and Legal Education (CPE and CLE)". ICI. Retrieved 2013-08-26.
  17. "Other Links". Cffp.edu. Retrieved 2013-08-26.
  18. "Investment Co Institute Summary". OpenSecrets. Retrieved 2017-03-03.
  19. "Investment Co Institute: Summary". OpenSecrets. Retrieved 2017-03-03.
  20. "Criteria for Membership". ICI. Retrieved 2019-03-19.
  21. "2018 Annual Report to Members" (PDF). ICI. Retrieved 2019-03-19.
  22. "About ICI". Ici.org. Retrieved 2019-03-19.
  23. "Board & Leadership". ICI. Retrieved 2013-08-26.
  24. "George C. W. Gatch Elected Chairman of ICI". PRNewswire. Retrieved 2019-02-05.
  25. "Paul Schott Stevens, President and CEO, Investment Company Institute" (PDF). SEC. 2012. Retrieved 2013-08-26.
  26. "Donald C. Auerbach to Become ICI's Chief Operating Officer". Retrieved 2019-02-05.
  27. "New Hire Roundup". Thinkadvisor.com. 2015-07-30. Retrieved 2017-03-02.
  28. "Jennifer Choi". 11 December 2017. Retrieved 9 April 2018.
  29. "Sean Collins". ICI.org. 2017. Retrieved 2018-04-09.
  30. "ICI Global - ICI Names New Executives to Lead ICI Global". www.iciglobal.org. Retrieved 2019-03-19.
  31. "ICI Names Thomas T. Kim Managing Director of IDC". idc.org. Retrieved 2020-01-16.
  32. Tran, Hung (2012-10-12). "ICI Names Ex Journo Chief Flack". Mmexecutive.com. Retrieved 2013-08-26.
  33. "ICI Names Susan Olson as General Counsel". Financialregnews.com. 2017. Retrieved 2018-04-09.
  34. "Dean Sackett Leader Profile: Leader Networks & Work Profile". Workmob.com. Retrieved 2013-08-26.
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