Young Leaders Reflect on Building a Better Business

By Christina Kilroy

June 21, 2018

Emerging leaders in the asset management industry are at the forefront of changes that will fundamentally affect the business—from technology, to client expectations, to how to attract and retain top talent.

During a panel at ICI’s Operations and Technology Conference—held concurrently with the 60th annual General Membership Meeting from May 22–May 24 in Washington, DC—three such leaders, representing a cross section of business areas, explored how their firms are rethinking legacy processes and moving into the future.

Leaving Legacy Thinking Behind

Moderator Ahmed Elghazaly, director of securities operations at ICI, kicked off the panel with a look at the pressures that firms face, including falling fees and margins, disruptive technologies, and a changing workforce. Competition also is a factor—not only from other firms within in the asset management industry, but from external forces as well.

“Client-services standards from outside the financial services industry are making their way in,” said Kyle Schmiegel, vice president of operational services at Charles Schwab & Co. Because these “competitors” are pushing client expectations forward, asset managers must respond and adapt.

Mike Mastroianni, executive director of J.P. Morgan Asset Management, illustrated this point by offering a personal anecdote from a recent cab ride. After mentioning during the course of conversation where he worked, Mastroianni heard from the driver about an issue he’d had with his J.P. Morgan credit card. To the driver, the fact that J.P. Morgan is a large organization with distinct business areas didn’t matter. Like most clients, he wanted a single point of contact, seamless solutions—regardless of operational structure—and more access, on his terms.

Client expectations about how a company conducts business are also undergoing a significant shift, explained Jamie Jones Ezefili, vice president of corporate social responsibility at Northern Trust. Clients want to learn information beyond a firm’s overall corporate social responsibility efforts to include specific details about, for example, its greenhouse gas emissions, employee engagement programs, and diversity initiatives. “It’s not enough anymore to say that we have a diversity strategy. [Clients] want to know what that is, and how we’re actually going to accomplish that,” said Jones Ezefili.

Attracting, Engaging, and Inspiring Top Talent

The changing, competitive marketplace is not just affecting client expectations—it’s also affecting how asset managers recruit and engage top employees, and how they develop new leaders. “We have to think about how we’re competing with the Googles and Facebooks out there,” explained Jones Ezefili. She said that this means creating an environment that employees want to be a part of.

Schmiegel agreed, adding that one must go beyond “just the salary that is put on an offer sheet” to attract top talent. Especially for “Millennial mindset” workers who have broader expectations about benefits, this may include tuition reimbursement, time off for volunteering, paid sabbaticals, employee stock purchase plans, and health and wellness programs. It also means offering constant feedback and coaching to keep them engaged and motivated. “If you’re waiting for the next semiannual review to share with Suzy or Jimmy how they’re doing, you’re probably 179 days late,” Schmiegel said.

When recruiting talent, firms are paying attention to diversity, which “is moving beyond gender” to include the unique skills and perspectives of different kinds of thinkers and workers, said Jones Ezefili. Mastroianni concurred, explaining how a recently hired history major on his team brought fresh ideas and proved to him the value of “thought diversity.”

New Technology Points the Way Forward

Wrapping up, the panel examined technology, its ability to streamline data use, and how it can help “to identify where kinks in the platform and kinks in the processing exist today,” Schmiegel said.

Panelists agreed that the key to maximizing technology’s potential to improve client services and interaction across internal teams is to find efficiencies that can be passed on to clients. “We spend a lot of time talking about…how can we share that scale, from a cost perspective, with our clients?” Schmiegel said.

As the competitive landscape and client expectations continue to change, a new bar is set. And, said Schmiegel, this means “that you have to be everything, to everybody, all the time. That’s the challenge.”

Christina Kilroy is manager of ICI’s digital communications and vice president of the ICI Education Foundation.

Permalink: https://www.ici.org/viewpoints/view_18_gmm_rethinking

TOPICS: Events GMM Mutual Fund Operations and Technology Shareholder

2018 Investment Company Fact Book: Letter from the Chief Economist

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Those of us who wear glasses know that one of the most crucial elements in seeing the world is the right lens. A bad lens warps the light and distorts the signals; the right lens sharpens the image and enhances our understanding.

This is a useful metaphor for the work that ICI Research does in providing informed analysis to guide public policy. Through our voluminous collections and surveys, we gather large amounts of data—signals about the behavior of funds, markets, and investors. But finding the patterns in these signals requires the right lens—accumulated knowledge provided by context, economic insights, and understanding of institutions.

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States Are Abusing Abandoned-Property Funds to Plug Budget Shortfalls

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2017 Annual Report to Members: A Message from the Chairman

By William F. “Ted” Truscott

November 13, 2017

This letter by ICI Chairman Ted Truscott was released in our 2017 Annual Report to Members.

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By Christina Kilroy

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The baseball postseason is well underway and the air has finally turned crisp. Perhaps that’s why—as we’re marking National Retirement Security Week—our thoughts have turned to the words of Yogi Berra, the great New York Yankees catcher. He was credited with so many pithy, wise, and witty sayings that, in classic Berra style, he remarked, “I really didn't say everything I said.”

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2017 Investment Company Fact Book: Letter from the Chief Economist

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Have you ever tried to put a jigsaw puzzle together without knowing what the finished work should look like? It’s difficult—even with help from family and friends. Are those blue pieces part of a peaceful lake or a cloudless sky? Are those dark pieces a forest floor or storm clouds brewing on the horizon? Without the completed picture on the puzzle box as a guide, everyone has their own idea of what the completed work will look like and how to put it together.

Exemptions from Investor Protections Put California Savers at Risk

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For “401(k) Pioneers,” No Reason for Regrets

By Paul Schott Stevens

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The following ICI Viewpoints is a letter to the Wall Street Journal by Paul Schott Stevens, president and CEO of the Investment Company Institute, in response to an article published on January 3, 2017.

Dear Editor:

It may be, as you report, that “401(k) Pioneers Lament What They Started” (Page A1, Jan. 3). But the facts are clear: America’s retirement system is stronger today, in the expanding 401(k) era, than it was when defined benefit pensions were the primary vehicle for retirement savings.

Investor Protection Priorities for the New Year

By David Blass

December 12, 2016

The following ICI Viewpoints is adapted from a presentation that ICI General Counsel David Blass gave to the Investor Advisory Committee of the US Securities and Exchange Commission on December 8, 2016. Visit this page to read the entire presentation.

If I were to poll ICI members about next year’s priorities, I am sure we would receive consistent feedback: give us an opportunity to implement all the rules that have been imposed on us. New rules from the Securities and Exchange Commission (SEC) covering data reporting, swing pricing, and liquidity risk management will require huge expenditures and years of work to implement fully. And they were adopted in the aftermath of two rounds of money market fund reform, as well as many other rules applicable to the fund industry adopted by other regulatory agencies.

Fund Fees Have Been Falling for Two Decades

By Paul Schott Stevens

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The following ICI Viewpoints is a letter to the editor by Paul Schott Stevens, president and CEO of the Investment Company Institute, in response to an editorial published on October 9, 2016, in InvestmentNews, “DOL fiduciary rule may finally spark lower fund fees for mutual funds.” It appeared in the print edition of the publication on October 17, 2016.

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SEC Chair White Expects Continued ‘Bright Spotlight’ on Asset Management

By Rachel McTague

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GMM Policy Forum: Michael Bloomberg and the Focus on Value

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May 18, 2016

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To the SEC and FINRA: It’s Your Move

By David W. Blass

April 21, 2016

Earlier this month, I wrote about the wide-ranging benefits of the proposed Securities and Exchange Commission (SEC) rule to give U.S. regulated funds the option of making online access to shareholder reports their default method for informing their shareholders.

The SEC’s Online-Delivery Gift to Fund Shareholders

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April 4, 2016

A recent SEC rulemaking proposal presages good news for America’s 90 million mutual fund shareholders. Proposed Rule 30e-3 under the Investment Company Act of 1940, introduced last year as part of a larger initiative to enhance and modernize fund data reporting, would give funds the option of flipping their default mechanism for delivering shareholder reports from U.S. mail to online access.

Factors Contributing to the Decline of Expense Ratios in 2015

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ICI recently released its annual update on the expense ratios of mutual funds, showing expense ratios to be at their lowest levels in at least 20 years.

All Pain and No Gain for Fund Investors

By Paul Schott Stevens

February 5, 2016

The following is a letter submitted to the editor of the New York Times. A financial transaction tax (FTT) (editorial, The Need for a Tax on Financial Trading, Jan. 28) is a terrible idea that would harm all investors, especially American workers saving for retirement. We have yet to see an FTT proposal that would not hurt Main Street nor weaken our capital markets.

Liquidity Risk Management Must Be Done Right

By Paul Schott Stevens

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The following ICI Viewpoints is a lightly edited version of a letter that ICI President and CEO Paul Schott Stevens sent to U.S. Securities and Exchange Commission (SEC) Chair Mary Jo White, as part of the Institute’s overall response to the SEC’s liquidity risk management proposal.

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The SEC’s Liquidity Proposal: Good Goals, Unintended Consequences

By Brian Reid

January 13, 2016

On January 13, I filed a letter with the U.S. Securities and Exchange Commission (SEC), in response to the SEC’s liquidity risk management proposal and to Liquidity and Flows of U.S. Mutual Funds, a study by the SEC’s Division of Economic and Risk Analysis (DERA). My letter was one of four components of ICI’s multipart response to the SEC proposal.

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Nooyi’s Purpose, Pepsi’s Performance

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Opinion: The Tax Threat to Your Mutual Fund

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Vanguard Chairman and CEO Bill McNabb sent “an open letter to all mutual fund investors” in the opinion pages of Thursday’s Wall Street Journal. His message: fund investors face a clear threat of higher costs, weaker returns, and a bailout tax to salvage other failing financial institutions—all if regulators get their way in imposing new rules on funds or their managers.

GMM Policy Forum: “It Always Comes Down to Trust”

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On Fiduciary Rule, New York Times Relies on Fatally Flawed Research

By Paul Schott Stevens

April 8, 2015

Today I submitted the following letter to the editor of the New York Times:

Designation’s Vast Reach into Investor Portfolios

By Paul Schott Stevens

March 24, 2015

On Wednesday, March 25, I’ll testify before the Senate Committee on Banking, Housing, and Urban Affairs about the Financial Stability Oversight Council’s process for designating nonbank firms as “systemically important financial institutions,” or SIFIs.

Living Wills and an Orderly Resolution Mechanism? A Poor Fit for Mutual Funds and Their Managers

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Astrophysicists have discovered that they can’t account for the composition and behavior of the universe without including “dark matter”—matter that can’t be observed directly.

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By Christina Kilroy

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By Rachel McTague

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By Sarah Holden

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By Mike McNamee

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By Peter Brady

September 20, 2013

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In previous Viewpoints posts, I explained that retirement contributions are neither tax deductions nor tax exclusions, but rather are tax deferrals. I also explained why, in my opinion, the two most prominent proposals to restrict qualified deferred compensation are flawed (post three and post four).

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By Peter Brady

September 19, 2013

Fourth in a series of posts about retirement plans and the policy proposals surrounding them.

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By Peter Brady

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Third in a series of posts about retirement plans and the policy proposals surrounding them.

In two previous Viewpoints posts (post one and post two), I explained the benefits that workers get from deferring tax on compensation set aside for retirement.

Marginal Tax Rates and the Benefits of Tax Deferral

By Peter Brady

September 17, 2013

Second in a series of posts about retirement plans and the policy proposals surrounding them.

In a previous Viewpoints post, I discussed the difference between tax deferral—the tax treatment applied to retirement savings—and tax deductions and exclusions, such as the mortgage interest deduction or the exclusion of employer-paid health insurance premiums from income. The difference is often overlooked or misunderstood, leading to inaccurate analysis and harmful policy proposals.

Retirement Plan Contributions Are Tax-Deferred—Not Tax-Free

By Peter Brady

September 16, 2013

First in a series of posts about retirement plans and the policy proposals surrounding them.

In today’s fiscal and political climate, taxes are never far from politicians’ minds. Whether to achieve comprehensive tax reform or to raise revenue to meet budget deficits, members of Congress are now considering changes to a range of tax code provisions—including those governing retirement policy. Any comprehensive effort to address fiscal policy or tax reform should examine every option, but some discussions of retirement policy have been misguided. The tax treatment of retirement savings—tax deferral— too often has been lumped together with tax deductions (such as the deduction from income of mortgage interest expense) and tax exclusions (such as the exclusion from income of employer-provided health insurance premiums).

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Young Leaders Reflect on Building a Better Business

By Christina Kilroy

Leaving Legacy Thinking Behind

Attracting, Engaging, and Inspiring Top Talent

New Technology Points the Way Forward

2018 Investment Company Fact Book: Letter from the Chief Economist

By Sean Collins

Invest in Your Future Through an IRA

By Christina Kilroy

States Are Abusing Abandoned-Property Funds to Plug Budget Shortfalls

By Tamara K. Salmon

Independent Directors’ Stringent Oversight Contributes to Decline in Fund Fees

By Amy B. R. Lancellotta

2017 Annual Report to Members: A Message from the Chairman

By William F. “Ted” Truscott

Let’s Make Disclosure Reform Serve Shareholders

By Dorothy Donohue

Autumn Air, Playoff Baseball, and…National Retirement Security Week

By Christina Kilroy

In Reality, Data Tell a Different Story of Old Age in America

By Sarah Holden

Funds Actively Seek Companies’ Sound Management

By Paul Schott Stevens

2017 Investment Company Fact Book: Letter from the Chief Economist

By Brian Reid

Exemptions from Investor Protections Put California Savers at Risk

By Paul Schott Stevens

For “401(k) Pioneers,” No Reason for Regrets

By Paul Schott Stevens

Investor Protection Priorities for the New Year

By David Blass

Fund Fees Have Been Falling for Two Decades

By Paul Schott Stevens

Ops Leaders Extol the Transformational Power of Data and Analytics

By Todd Bernhardt

SEC Chair White Expects Continued ‘Bright Spotlight’ on Asset Management

By Rachel McTague

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By Todd Bernhardt

To the SEC and FINRA: It’s Your Move

By David W. Blass

The SEC’s Online-Delivery Gift to Fund Shareholders

By David W. Blass

Factors Contributing to the Decline of Expense Ratios in 2015

By Sean Collins and James Duvall

All Pain and No Gain for Fund Investors

By Paul Schott Stevens

Liquidity Risk Management Must Be Done Right

By Paul Schott Stevens

How the SEC’s Six-Bucket Approach Could Provide a False Picture of Liquidity

By Brian Reid

The SEC’s Liquidity Proposal: Good Goals, Unintended Consequences

By Brian Reid

How SIFI Designation Could Undermine Fund Governance: Parsing the Fed’s Proposal for GE Capital

By Paul Schott Stevens

SEC Chair White Affirms Agency Has Tools to Address Risks in Industry

By Rachel McTague

Nooyi’s Purpose, Pepsi’s Performance

By Rob Elson

Opinion: The Tax Threat to Your Mutual Fund

By Mike McNamee

GMM Policy Forum: “It Always Comes Down to Trust”

By Todd Bernhardt

On Fiduciary Rule, New York Times Relies on Fatally Flawed Research

By Paul Schott Stevens

Designation’s Vast Reach into Investor Portfolios

By Paul Schott Stevens

Living Wills and an Orderly Resolution Mechanism? A Poor Fit for Mutual Funds and Their Managers

By Frances Stadler and Rachel Graham

Across the Universe: Seeing the Whole Picture in the Systemic Risk Debate

By Paul Schott Stevens

Industry Leaders Address Evolving Industry Challenges and Opportunities

By Miriam Bridges

Now Off the Hill, Senator Snowe Still Brimming with Ideas, Advice

By Rob Elson

Industry Leaders Reflect on Serving Investors in an Evolving World

By Christina Kilroy

SEC Chair White Stresses Need for FSOC to Consult Sources for Necessary Expertise

By Rachel McTague