The Investment Company Institute is launching a global version of itself.
The new trade group, called ICI Global, will work on regulatory, market and other issues for global investment funds, their managers and investors.
Members will include both U.S. and non-U.S. funds, which are globally active. Their fund activities span multiple markets, worldwide.
The group's managing director will be Dan Waters, who worked for 12 years at the United Kingdom’s Financial Services Authority (FSA), where he directed asset management policy. Jamie Broderick, Head of J.P. Morgan Asset Management in Europe, will chair ICI Global’s Steering Committee.
“ICI Global will seek to advance the common interests and promote public understanding of global investment funds, their managers, and their investors as market and regulatory issues increasingly cross borders,” said Paul Schott Stevens, ICI President and Chief Executive Officer.
International fund management groups that have expressed in joining ICI Global include: Capital Research and Management, Columbia Management and Threadneedle Investments, 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, and Vanguard.
ICI Global’s Steering Committee, under Broderick’s leadership, will include senior executives of its global fund members. ICI Global will put togerher an international staff drawn from a variety of relevant global backgrounds.
The new organization will be based in London.
-- This article first appeared on Securities Technology Monitor.