Insights into the Asset Management Industry and Registered Fund Landscape
Explore the world of asset management and registered funds through an in-depth look at the industry's key players, legal and compliance aspects, career opportunities, and economic contributions. Learn about the mission of the Investment Company Institute (ICI), the vital role of asset managers, and how registered funds impact the economy by making securities markets more accessible and lowering costs for businesses and homeowners.
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Speakers Ndenisarya Bregasi, Practice Area Leader Asset Management and Investment Funds, K&L Gates Carolyn O, Vice President and Deputy General Counsel, Funds, Dimensional Funds Nicolas Valderrama, Associate, Registered Fund Group, Simpson Thacher & Bartlett 1
Agenda Introduction to ICI and the registered fund industry Legal and compliance career opportunities A day in the life of an asset management industry lawyer Questions Resum submission 2
ICI and Its Mission ICI is the leading association representing regulated investment funds. Its mission is to strengthen the foundation of the asset management industry for the ultimate benefit of the long-term individual investor. 3
ICI Membership at a Glance M O R E T H A N 3 0 , 0 0 0 F U N D S W I T H $ 3 9 . 8 T R I L L I O N I N A S S E T S Number of investment companies by type* Serving more than 120 million shareholders* 8,348 US mutual funds 2,426 US ETFs 54.7% of US households own funds 71.7 million US households own funds 120.5 million individuals own funds 526 US closed-end funds 2,921 US UITs 15,937 Non-US funds *Data for US mutual funds, closed-end funds, exchange-traded funds, unit investment trusts, and non-US funds are as of June 30, 2023. Data for ownership of funds are as of mid-2022. 4
What Is an Asset Manager? Invest client money, acting as fiduciary, for a fee This allows clients to obtain professionally managed and diversified portfolios at a reasonable cost Regulated as an Investment Adviser To protect investors, a fund s investment adviser and the adviser s employees are subject to numerous standards and legal restrictions Use a variety of vehicles, including mutual funds, ETFs, Separately Managed Accounts, and common trusts to serve clients 5
Contributions to the Economy Registered funds have made securities markets more accessible Money market funds lower cost of financing for businesses Fund purchases of mortgage-backed securities lower costs of home ownership Fund purchases of state and local government securities finance projects such as roads, bridges, and hospitals 6
Registered Investment Fund Regulations Subject to four major federal securities laws Securities Act of 1933 Securities Exchange Act of 1934 Investment Advisers Act of 1940 Investment Company Act of 1940 Sound, strong regulation is critical to industry success! 7
Asset Manager Clients Individuals Corporations and Banks Retirement Plans and Trusts Governments Foundations and Endowments Charities Insurance Companies 8
Legal Careers in Asset Management Asset Managers Require Support from Many Types of Lawyers and Compliance Professionals Regulatory Specialists Investment Company Act Investment Advisers Act ERISA International Regulation Compliance Professionals Investments, Trading Advertising/Client Communications Ethics/Training Legal Generalists Litigators Commercial/Contractual Corporate Governance/Securities Intellectual Property Data Privacy 9
Where Do Asset Management Lawyers Work? As in-house counsel, at asset management firms, corporations, or other businesses with significant investment portfolios At a company that helps to support asset managers, like consulting firms, accounting or auditing firms, or other vendors At law firms, as outside counsel In government, at federal regulators like the Securities & Exchange Commission (SEC) or similar state regulators In policy circles, at trade associations, think tanks, or similar advocacy organizations In academia, at law schools, or undergraduate institutions 10
Upload Your Resum Webinar participants are invited to upload resum to ICI s Talent Connection Resum Database at www.ici.org/talent-connection. ICI member firms will have access to the resum s and may contact participants directly regarding internship and job possibilities. 11
Questions? 12
