Three high-profile staff members at the Investment Company Institute have already left or are planning on leaving the mutual fund lobbying group in the near future, Defined Contributions & Savings Plan Alert reports.
The individuals parting ways with the ICI are: Leslie Kramerich, a Capitol Hill lobbyist who worked specifically on 401(k) fee legislation, Dan Crowley, head of governmental affairs, and Edward Giltenan, head of media relations.
Crowley is leaving in order to potentially start his own lobbying firm, but he plans on working at the ICI until Aug. 15.Giltenan plans on returning to T. Rowe Price, where he once was head of corporate communications. Kramerich, who joined the ICI in 2005, could not be reached for comment.
The ICI has been heavily involved with a pending 401(k) fee disclosure bill; however, recent reports suggest that the bill will be postponed until 2009.
We see no sign of dissatisfaction within the industry over the way the way the bill has been progressing, said Giltenan
Korn/Ferry International will be leading the search process in order to find appropriate replacements.