A high concentration of insurance companies in the state and desire by Connecticut attorneys specializing in investment management to identify and confront industry issues, has spawned the formation of a new organization, the Investment Company Act of 1940 Attorneys Association of Connecticut.
Following the lead of New York and California, two states that have successfully formed similar groups, attorneys involved saw a need for a 40 Act association.
"I have big hopes and expectations for the Connecticut group, perhaps even expanding into all of New England at some point," said founding member Christine Murphy in a statement. Murphy is a 40 Act attorney from Manchester, Conn.
Murphy cited the insurance industrys huge representation in the state and its direct relation to the high concentration of 40 Act attorneys. Often, insurance companies are the sponsors for variable products.