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GMM attendees gathered during the afternoon of Tuesday, May 22, to begin ICI’s 60th annual General Membership Meeting. After an opening speech that set the agenda, attendees heard from well-known leaders in the financial services industry. The day ended with a reception and Legal Forum presentations held in the Exhibit Hall.
GMM Planning Committee Chairman Stuart Parker, president and CEO of PGIM Investments, set the stage for the meeting, reflecting on the increasing globalization of the fund industry since GMM’s inception in 1959, as well as discussing changing technology and evolving markets.
James Gorman, chairman and CEO of Morgan Stanley, spoke about his view of the world as a series of concentric circles, with the firm being represented by the innermost circle and the economy, industry, and political environment being represented by the subsequent circles. To succeed, he said, one needs to work from the inside of each circle outward before moving on to the next. Only when all the circles are mastered can one move back toward the company’s core, which is where the real strength lies.
David M. Rubenstein, cofounder and co-executive chairman of The Carlyle Group, participated in a lively discussion with ICI President and CEO Paul Schott Stevens on the modern private equity business, and how it has grown and succeeded. The financier and philanthropist covered a range of topics, looking at the biggest trends in private equity today, as well as its effects on the capital markets. Rubenstein also spoke about the world of emerging markets, the rise of funding outside the United States, and what he views as the keys to success: a willingness to engage in hard work, the ability to be entrepreneurial, and being passionate about one’s work.