Its official. Paul Schott Stevens officially took over as Investment Company Institute president Tuesday, succeeding Matthew P. Fink.
The move, which was announced March 10 but only now made official, brings Stevens back to the mutual fund lobbyist group at a crucial time for the industry. He is the firms fourth president.
Stevens served as ICI general counsel from 1993 to 1997, before moving on to the same position at Charles Schwab from 1997 to 1999 and then becoming a partner at the Washington D.C. office of Dechert LLP, where he served as a partner practicing in financial services.
Stevens has held such prestigious positions as executive secretary of the National Security Council under Colin Powell and special assistant for National Securities Affairs to President Ronald Reagan. The Yale graduate with a law degree from the University of Virginia takes over for the retiring Fink, who served at the ICI for 33 years, the last 13 as president. Fink will consult the ICI until September, ensuring as the company calls it "a seamless transition."