Convinced that the Labor Department's fiduciary rule will be derailed, asset managers are focusing instead on meeting the SEC's new reporting modernization rules, according to industry executives attending the latest Investment Company Institute conference in Palm Desert, California.

"Based on meetings here [the sentiment is] that the proposed DoL fiduciary rule is unlikely to pass in its current state, as it is currently postponed," says Stephanie Miller, senior vice president of fund administration business at SS&C Technologies.

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