The Investment Company Institute (ICI), the national association of U.S. investment companies, announced Monday the election of a new chairman and new governors, as well as the launch of a new global trade body.
Gregory Johnson (left), president and CEO of Franklin Resources, was elected by the group’s board of directors as ICI chairman for a one-year term. Johnson, who was first elected to ICI’s board in October 2005, will preside over the board, which is the governing body of the ICI, and the executive committee of the board.
The membership also elected James Boyle, president of John Hancock Financial Services; Catherine L. Newell, general counsel of Dimensional Fund Advisors; and Mary Ann Tynan, independent director of Oppenheimer Funds, to serve as governors through the fall of 2014.
The new trade body, ICI Global, will focus on regulatory, market and other issues for global investment funds, their managers and investors. Members will include regulated U.S.- and non-U.S.-based funds publicly offered to investors in jurisdictions worldwide, making it the first industry body to focus exclusively on the perspective of globally active funds. The new organization will be based in London.
Dan Waters will be the managing director of ICI Global, based in London, and Jamie Broderick, head of J.P. Morgan Asset Management in Europe, will head its steering committee.
ICI Global’s policy priorities and purposes fall into four broad categories: the role of funds and fund managers in financial stability; key transnational regulatory developments for funds; global trading and market structure policy developments; and retirement savings and pension systems.
The new organization will serve as a conduit for proactive dialogue with a broad range of national and transnational regulators. It will also advocate for regulatory policies that promote funds as long-term investing vehicles. A key part of its strategy will be to work in close cooperation with national and regional fund and other associations worldwide.