As America celebrates its 250th year, ICI considers the significance of ongoing investment in the nation's infrastructure. For millions of Americans, participation comes through mutual funds, ETFs, and closed-end funds that invest in municipal bonds, which finances about 90% of US public infrastructure.
1171f871-483a-452f-a4ce-175a6110a411
Cookie consent required
This content is hosted by a third party (Microsoft Power BI). To view this report, please accept functional cookies in your privacy settings.
For the best mobile experience, open this report in PowerBI:
Don't have the app? Download it:
1e7853c8-85ce-497e-b39c-735abc5b00a8
eccf6063-e21d-4d59-95c7-cb4374b06cf9
No
Show PNG Button?
No
1Municipal bond fund assets by state do not equal total municipal bond fund assets because of a small amount of assets missing state information. 2Data are estimated by dividing municipal bond fund...
Asset management firms are navigating rapid change—from new technologies to shifting regulatory expectations. Legal and compliance teams are playing a central role as firms rethink governance, investor protection, and organizational design. These issues come together at ICI’s 2026 Investment Management Conference, March 22–25 in Palm Desert, California. The program arrives at a pivotal moment, reflecting broader transformations in how the industry operates and serves investors.
The repo market is vital to government bond markets, but its key vulnerabilities stem from leveraged, short‑term financing structures and not from regulated mutual funds. What matters is not who participates in repo transactions, but how vulnerabilities are generated.
On February 26, ICI convened a webinar bringing together leading EU and UK experts to provide the latest developments on the transition to T+1 securities settlement in Europe and the United Kingdom...
As the gig economy has grown, so too has concern that a workforce increasingly made up of freelancers, independent contractors, and app-based workers is falling through the cracks of the US retirement...
The ECB's recent blog flawed premise assumes that large asset managers are systemically risky based on size and cross‑border reach, and uses that flawed assumption to justify inappropriate, bank‑style supervision and macroprudential rules.
Despite the broader shift to electronic filing, firms still must prepare, print, assemble, and physically ship massive volumes of documents. ICI has repeatedly urged the IRS to allow electronic filing, noting that for some fund complexes, tax season meant sending boxes—or even truckloads—of paper each year.
Last week, more than 370 operations and technology professionals attended the third annual ICI Innovate conference in Houston to discuss the transformations that AI, digital assets, and other new technologies are driving across the asset management industry.
Operations is sort of key to making all of these rules work. And so it doesn't help much if we're...
Hester Peirce
SEC Commissioner
Panelists in conversation during the Unified Approach: Operations and Technology in Lockstep panel. The Promise and the Peril of AI AI—and how it’s reshaping the future of work—was one of the hottest...
Don't Miss Our Next Conference ICI’s busy 2026 conference season is just kicking off. Don't miss our next conference, the Investment Management Conference (IMC) in Palm Desert, CA, from March 22 to 25...
The SEC’s Form N‑PORT reporting framework has successfully balanced transparency and investor protection by providing regulators with monthly portfolio data while limiting public disclosure to quarterly reports. This approach has made registered funds highly transparent. However, SEC changes adopted in 2024 threaten to upset this balance and could ultimately harm investors.
Unintended Consequences: How Increased Reporting Frequency Can Affect Investors More frequent public disclosure gives market participants additional data points about a fund’s trading strategy...
Public Disclosure: Risks to Investor Costs and Fund Strategies A fund manager’s investment strategy and current holdings are valuable intellectual property, often developed through extensive research...
As Americans gather throughout the year to celebrate the 250th anniversary of the nation’s founding, we are presented with a rare moment to reflect on the ideas and institutions that have shaped our...
