A new trade organisation, ICI Global, has been launched to focus on regulatory, market and other issues for global investment funds, their managers and investors.
ICI Global members will include regulated US and non-US based funds where they are publicly offered to investors across the world. London-based ICI Global is the first industry body of its kind which focusses exclusively on the perspective of globally active funds.
The trade body’s policy priorities and purposes can be categorised into four broad areas. First, there’s the role of funds and fund managers in financial stability; second, key transnational regulatory developments for funds; third, global trading and market structure policy developments; and, fourth, retirement savings and pension systems.
ICI Global says it’ll serve as a conduit for proactive dialogue with a broad range of national and transnational regulators. It will also advocate for regulatory policies that promote funds as long-term investing vehicles. A key part of its strategy will be to work in close co-operation with national and regional fund and other associations worldwide.
Dan Waters, who’s had a long international career in regulation, has been appointed Managing Director. Waters spent 12 years at the UK’s FSA, where he directed asset management policy. And, Jamie Broderick, Head of J.P. Morgan Asset Management in Europe, will take up position of chair for ICI Global’s steering committee.
International fund management groups who’ve already confirmed their joining ICI Global include Capital Research and Management, Federated Investors Funds, Franklin Templeton Investments, Goldman Sachs Asset Management, Invesco, J.P. Morgan Asset Management, Legg Mason, Nuveen Investments, PIMCO Funds, T. Rowe Price, Threadneedle and Vanguard.
Commenting on his new position, Waters said, “Global funds and fund managers face a complex array of regulatory and policy challenges. Finding appropriate global solutions for these challenges requires the capacity to look beyond national and regional approaches to focus on genuine, value-adding global answers. ICI Global is uniquely placed to take up this challenge. I am absolutely delighted to be leading this exciting and important work.”
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till