General Membership Meeting
2018 GMM Planning Committee Chairman Stuart Parker, president and CEO of PGIM Investments, welcomed attendees to ICI’s 60th annual General Membership Meeting and reflected on the changes that have come to the fund industry since GMM was first held in 1959.
James Gorman, chairman and CEO of Morgan Stanley, spoke about viewing the world as a series of concentric circles. Only when all the circles are mastered, Gorman said, can one move back toward the company’s core, which is where the real strength lies.
David M. Rubenstein (right), cofounder and co-executive chairman of The Carlyle Group, spoke with ICI President and CEO Paul Schott Stevens about the evolution of the modern private equity business.
Every year, GMM includes a number of interactive breakfast discussion sessions, covering such topics as closed-end funds, leadership, and exchange-traded funds. The panel above examined opportunities and challenges facing global fund managers.
A participant posed a question during one of GMM’s interactive breakfast sessions.
ICI Chairman William F. “Ted” Truscott, CEO of Columbia Threadneedle Investments, shared his thoughts on the US retirement system, noting the central role of tax deferral for retirement savings and calling for measures to build on the existing strengths of the system.
Yie-Hsin Hung (left), CEO of New York Life Investment Management, moderated a discussion on innovation in the fund industry at GMM’s leadership session. The panel also featured (from left) Jillian DelSignore, head of ETF distribution at J.P. Morgan; Kirk Moore, head of global research at Columbia Threadneedle Investments; and Matthew O’Connor, president of American Funds Distributors and director of North American Distribution for Capital Group.
Marie Chandoha (left), president and CEO of Charles Schwab Investment Management, led a session on investment opportunities and product trends that featured (from left) Rupal Bhansali, chief investment officer of international and global equities at Ariel Investments; Sarah Ketterer, CEO and cofounder of Causeway Capital Management; and Teresa Kong, portfolio manager at Matthews Asia.
Operations and Technology Conference speaker Amy Herman, art historian and author of Visual Intelligence, signed a book for a GMM participant.
Presidential historian Jon Meacham signed his latest book, The Soul of America, for a GMM attendee.
At GMM’s keynote luncheon, presidential historian and Pulitzer Prize–winning author Jon Meacham (right) spoke with ICI President and CEO Paul Schott Stevens about the virtues that have defined America’s best eras. Meacham also spoke about his newest book, The Soul of America, with Stevens.
Martin Flanagan (left), president and CEO of Invesco, moderated a panel on regulatory development and global client concerns with (from left) David Hunt, president and CEO of PGIM; David J. Semaya, executive advisor of Sumitomo Mitsui Trust Asset Management and former chairman of Nikko Asset Management; and Andreas Utermann, CEO of Allianz Global Investors.
Chad Renfro, head of enterprise cybersecurity at Fidelity Investments, shared his insights on the evolution of cybercrime and cryptocurrency.
GMM attendees explored the offerings at the GMM dinner event, which took place at the Smithsonian Institution National Museum of African American History and Culture.
SEC Commissioner Michael S. Piwowar (right) engaged in a lively discussion with ICI President and CEO Paul Schott Stevens about issues facing the fund industry, including the SEC’s proposed best-interest rule.
Tom Eck (top), chief technology officer of industry platforms at IBM, spoke first in a two-part session about removing the “magic veil” of artificial intelligence. He was followed by Morgan Stanley Managing Director Adam Jonas (bottom), who discussed the intersection of technology and the future of transportation.
Captain Jerry Linenger, a NASA astronaut and retired US Navy flight surgeon, recounted his nearly five months spent living on the Russian space station Mir.
Exhibit Hall and Legal Forum
The GMM Exhibit Hall offered attendees an opportunity to network and learn more about new vendor solutions.
Craig Starble and Peter Bassler of eSecLending spoke at the Legal Forum about evaluating strategy during market volatility.
Attendees at the Legal Forum discussed how environmental, social, and governance issues are affecting new global fund launches.
Michael Isenman (left) and Paul Delligatti of Goodwin Procter talked to Legal Forum attendees about the contract review process and fee litigation.
Fund Directors Workshop
At the Independent Directors Council’s Fund Directors Workshop, (from left) PGIM Investments’ Keith F. Hartstein, Ropes & Gray’s Michael G. Doherty, and T. Rowe Price’s Fran M. Pollack-Matz examined SEC rules on liquidity risk management and data modernization, as well as research requirements included in the revised Markets in Financial Instruments Directive (MiFID II).
William Blair Funds’ Kathleen T. Barr (left) moderated a discussion with Ameritas Investment Partners’ Thomas Knipper on the critical role that chief compliance officers (CCOs) play on fund boards.
Mutual Fund Compliance Programs
At the Mutual Funds Compliance Programs Conference, John Hancock Financial Services’ Frank Knox (left) answered a question during a panel examining challenges that affect CCOs and their staff. The other panelists were (from left) the SEC’s Paul Cellupica, Morgan Lewis & Bockius’s Monica L. Parry, and J.P. Morgan Asset Management’s Janet Squitieri.
PGIM’s Chad A. Earnst (left) moderated a panel on the increasing importance of data to CCOs, as the SEC continued to amass information on funds. Other panelists included (from left) Vanguard’s Brian W. Dvorak, Wellington Management Company’s Jim Fricano, William Blair Investment Management’s Randy Randall, and Prudential Financial’s Ellen McGlynn Koke.
American Beacon Funds’ Christy Sears (left) moderated a panel on how advisers and subadvisers are working together on compliance issues with (from left) New York Life Investment Management’s Kevin Bopp, Perkins Coie’s Molly Moynihan, and Great-West Capital Management’s Katherine Stoner.
David H. Lui (left) and John H. Walsh, editors of Modern Compliance: Best Practices for Securities and Finance, gave attendees a brief overview of the book’s contents and purpose.
EU/UK issues that may affect US funds, including the EU’s General Data Protection Requirement (GDPR), were discussed by State Street Global Advisors’ Alyssa Albertelli, who moderated, along with T. Rowe Price’s John R. Gilner (left) and Eversheds Sutherland’s Andrew Henderson.
Back by popular demand, the Lightning Round featured a panel of compliance experts answering questions submitted by attendees. Panelists (from left) were Wellington Management Company’s Nancy M. Morris, who moderated the discussion; John Hancock Financial Services’ Frank Knox; Morgan Lewis & Bockius’s Monica L. Parry; State Street Global Advisors’ Alyssa Albertelli, Aquila Investment Management’s Randall S. Fillmore; American Beacon Funds’ Christy Sears, Charles Schwab’s Michael Hogan; and Eversheds Sutherland’s John H. Walsh.
Operations and Technology
ICI Chief Industry Operations Officer Marty Burns welcomed attendees to the 2018 Operations and Technology Conference.
(From left) Principal Funds’ Cary Fuchs, ICI’s Joanne Kane, and ICI Mutual’s David Thomas led a discussion on strategies to prevent fraudulent activities, during an interactive breakfast session at the Operations and Technology Conference.
Attendees shared their input during the Operations and Technology Conference’s interactive breakfast session.
In the two-part Operations and Technology Conference “Executive Insights” session, ICI Chief Industry Operations Officer Marty Burns (bottom left) first explored data analytics and machine learning with Adam Broun, Kensho Technologies president and chief operating officer (top), and then discussed operations and distribution challenges and technology priorities with Tim Ney, Edward Jones principal, operations (bottom right).
Art historian Amy Herman led a session based on her seminar The Art of Perception, which examines how analyzing works of art can foster problem solving and enhance critical thinking.
How to meet the needs of younger investors and how to best leverage technology were key topics of conversation at the Operations and Technology Conference. Here, (from left) ICI’s Ahmed Elghazaly moderated a discussion with Charles Schwab & Co.’s Kyle Schmiegel, Northern Trust’s Jamie Jones Ezefili, and J.P. Morgan Asset Management’s Mike Mastroianni.