News Release

Washington, DC; May 22, 2025—Today, the Investment Company Institute (ICI) released the following statement regarding the recent Federal Trade Commission (FTC) and Department of Justice (DOJ) filing in the case brought by Texas and other states against US asset management companies:

“ICI is very troubled by the implications of the specious arguments advanced by the FTC and DOJ in their amicus brief filing in the case brought by Texas and other states against US asset management companies. We’d remind them that asset managers do not own the underlying assets they invest in, and they acquire those assets for the ordinary investment exposures they provide. Asset managers manage these assets on behalf of 120 million American retail investors and are legally required to manage them in those investors’ best interest.

“Fund investments are invaluable in providing capital formation for American coal, oil, and gas companies. Billions upon billions of dollars are invested by asset managers today on behalf of their clients to make the US energy industry the best in the world both today and tomorrow, like President Trump wants, while giving American households a shot at the secure financial future that President Trump also wants them to have.

“The case the federal government is now weighing in on seeks to attack minority investors for decisions they believe are in the best interest of fund shareholders. The relief suggested by the plaintiffs would devastate funds, investors, and the energy industry itself. The FTC and DOJ would be better served to get back to bringing cases that support the President’s agenda to help the middle class, not pushing an expansive reading of antitrust law that would chill ordinary investment activity.”