Leaders of the mutual fund industry yesterday applauded the appointment of Paul Schott Stevens as the new president of the Investment Company Institute, succeeding Matthew Fink.

And in an interview with Money Management Executive hours after his appointment was announced yesterday, Stevens essentially said he does not intend to rock the boat when he assumes his new position on June 1. When asked whether the ICI might try to assist fund companies in regulators crosshairs, for instance, the career fund attorney replied: "Obviously, if we were asked by the SEC, we would be cooperative, but it’s not something an association such as the ICI normally would ever get into." ( For more on Stevens’ plans as the new leader of the industry’s trade association, see Monday’s edition of MME .)

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