ICI Leadership

Ed Bernard is Vice Chairman of the Investment Company Institute. He served as Chairman of the Institute from 2009 to 2011. He is also Vice Chairman of the Board of Directors of T. Rowe Price Group, Inc., a member of the firm’s Management Committee, and chairman of the T. Rowe Price Mutual Funds. Bernard oversees the firm’s distribution, client service, technology, and communications activities. Bernard has over 20 years of experience in the investment management industry, all of which have been with T. Rowe Price. Prior to his election as Chairman of ICI in October 2009, he served on the Institute’s Board of Governors and Executive Committee. Bernard earned a BA from Brown University and an MBA from New York University.

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Paul Schott Stevens has served as president and CEO of the Investment Company Institute since June 2004. He also is a director of ICI Mutual Insurance Co. Previously, he was ICI's general counsel. Outside ICI, Stevens' career has included varied roles in private law practice, as corporate counsel, and in government service. He was a leader of the financial services practice of Dechert LLP, and general counsel for mutual funds and international enterprise at Charles Schwab & Co., Inc. Earlier in his career, Stevens served as special assistant for national security affairs to President Reagan, as executive secretary and legal adviser of the National Security Council, and in other senior positions at the White House and the Pentagon. Upon leaving government service, he received the Department of Defense Medal for Distinguished Public Service, DOD's highest civilian decoration. His current community and civic activities include service on the Finance Council of the Catholic Diocese of Arlington and the executive board of the National Capital Area Council of the Boy Scouts of America. A Scholar of the House at Yale University, Stevens received his B.A., magna cum laude, in 1974; he received a J.D. from the University of Virginia in 1978.

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Peter H. Gallary is Chief Operating Officer for the Investment Company Institute. He joined ICI in October 2006. Previously, Gallary served as Managing Director and Head of Operations for Putnam Investments and Director of Putnam Fiduciary Trust Company. Before joining Putnam in 1994, Gallary led the Boston Company Advisors as President and Chief Executive Officer. Before that, he spent a decade leading the Northeast financial services management consulting practice for Coopers & Lybrand in Boston. Gallary holds a B.S. in mathematics from Fairfield University and an MBA from Boston College.

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Donald C. Auerbach joined ICI in May 2004. In March 2009 he was appointed Chief Government Affairs Officer and Co-Head Government Affairs. Previously, Auerbach worked for Rep. Carolyn B. Maloney (D-NY) on the staff of the House Financial Services Committee. Prior to going to Capitol Hill, Auerbach served as a staff member at Federal Financial Analytics, a Washington consultancy that provides government relations guidance to large financial services firms. Auerbach is a graduate of the University of California at Los Angeles (UCLA) and the American University Washington College of Law.

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Kathy Joaquin is the Chief Industry Operations Officer of the Investment Company Institute. Joaquin joined ICI in 1989, and served as Director of Transfer Agency and International Operations and as Director of Operations and Distribution. She was an officer with ICI Mutual Insurance Brokers, a wholly owned subsidiary of ICI Mutual Insurance Company from 1993 through February 1997. Prior to joining ICI, Ms. Joaquin worked in corporate finance for Templeton Investments. She received an MBA in international business from George Washington University and a Bachelor of Science degree in accounting from Florida Southern College.

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Amy Lancellotta is the Managing Director of the Independent Directors Council. For the 17 years before assuming this position, Lancellotta was a member of the Investment Company Institute’s Law Department, serving most recently as Senior Counsel. Prior to joining ICI, Lancellotta was in private practice focusing on issues relating to investment companies and variable insurance products. Lancellotta is a graduate of the Pennsylvania State University and the George Washington University National Law Center.

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Karen "Karrie" McMillan is General Counsel of the Investment Company Institute. She joined the Institute on September 3, 2007. McMillan, formerly a partner in the Asset Management Group at Willkie Farr & Gallagher LLP, serves as the Institute's chief legal officer, with responsibility for the full range of legal and regulatory matters affecting the Institute and its members, including securities, pension, tax, and international matters. Prior to her tenure at Willkie Farr in 2006, McMillan served at the SEC's Division of Investment Management from 1991 to 1998. She also helped found the Asset Management Group at Shearman & Sterling LLP in Washington, DC, in 1999. McMillan is a graduate of the College of William & Mary and the University of Virginia School of Law.

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Mike McNamee is Chief Public Communications Officer for the Investment Company Institute. Joining ICI in 2006, McNamee first served as Director of Media Relations and then as Senior Director, Policy Writing and Editorial. Prior to joining ICI, McNamee was Deputy Washington Bureau Chief at BusinessWeek, where he had held numerous positions during his long tenure. He also worked as Washington economics correspondent for the Dallas Morning News, economics reporter at USA Today, and business editor of the Indianapolis Star. A graduate of the Massachusetts Institute of Technology, McNamee holds a BS in political science.

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Brian Reid is Chief Economist at the Investment Company Institute. He joined ICI in 1996 and was appointed Chief Economist on December 31, 2004. Reid leads the Institute's Research Department and oversees all Institute statistical collections and analysis of the mutual fund industry. Prior to joining ICI, Reid was a staff economist in the Monetary Affairs Division of the Federal Reserve Board. He received a B.S. in economics with honors from the University of Wisconsin-Madison, and has a Ph.D. in economics from the University of Michigan.

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Dean R. Sackett III joined ICI in June 2000 and was appointed Chief Government Affairs Officer and Co-Head Government Affairs in March 2009. Previously, Sackett served as Vice President and headed the government affairs department of the National Association of Professional Insurance Agents (PIA). Prior to his tenure at PIA, Sackett served as associate staff to the House Appropriations Committee for Rep. Bob Livingston (R-LA). Before joining Livingston's staff, Sackett graduated cum laude from West Virginia University, and the National Law Center at the George Washington University.

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Dan Waters is Managing Director of ICI Global. Prior to joining ICI Global, he served as Asset Management Sector Leader at the UK Financial Services Authority (FSA) from 2004–2010, leading the FSA’s regulatory and supervisory policy for the asset management industry. Waters also represented the UK in International Organization of Securities Commission (IOSCO) Standing Committee on Investment Management. He also represented the UK in the Investment Management Standing Committee of CESR (now ESMA), leading significant work in the revisions of the UCITS Directive (UCITS IV). Waters began work in the UK in 1993 as Director of Enforcement at the Investment Management Regulatory Organisation. Previously, Waters headed International Enforcement at the U.S. Commodity Futures Trading Commission. He graduated summa cum laude from Boston College and cum laude from Harvard Law School.