The Investment Company Institutes board of governors has elected Paul Schott Stevens to succeed Matthew Fink as president, the ICI announced this morning. Stevens, a partner with Dechert LLP in Washington, will assume his new duties on June 1.
This is not the first time Stevens has been with the ICI. Between 1993 and 1997, he was general counsel at the Institute. Just before joining Dechert, Stevens was general counsel and senior vice president with Charles Schwab & Co.
Quite familiar with Washington, Stevens also served as special assistant, national security affairs, to President Ronald Reagan and as executive secretary of the National Security Council under Colin Powell.
Commenting on Stevens background, Paul Haaga Jr., ICI chairman, noted that while he served at the ICI, Stevens worked on best practices regarding personal investing by portfolio managers and education for directors.
In a statement of his own, Stevens said: "Mutual funds face a number of significant challenges right now, but I am confident these can be addressed in a way that improves investor protections and maintains the entrepreneurial spirit that has allowed mutual funds to offer a wide range of highly competitive investment vehicles."