Dan Waters, a former director of asset management policy at the UK Financial Services Authority, has been appointed to head the London-based organisation.
ICI Global will focus on regulatory, market and other issues for global investment funds, their managers and investors. Its members include regulated US and non-US based funds which are publicly offered to investors in jurisdictions worldwide. This, ICI Global said, makes it “the first industry body to focus exclusively on the perspective of globally active funds”.
The organisation will consider four key areas: 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.
To achieve its aims, ICI Global said it will liaise with national and transnational regulators, and will work closely with national and regional associations worldwide.
Companies which have expressed plans to join the association include: Capital Research and Management, Federated Investors Funds, Franklin Templeton Investments, Goldman Sachs Asset Management, Invesco, JP Morgan Asset Management, Legg Mason, Nuveen Investments, PIMCO Funds, T Rowe Price, Threadneedle and Vanguard.
A steering committee, chaired by Jamie Broderick, the head of JP Morgan Asset Management in Europe, will include senior executives of its global fund members.
“ICI Global responds to a rapidly growing transnational environment for global investment funds,” said Broderick. “As financial markets converge and funds’ activities become more global, regulators are increasingly coordinating their efforts internationally. Funds need a strong and informed source on issues that cross borders, to inform the policy agenda worldwide”.
