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Thursday, October 10, 2019

Asset Management Gains a New Voice In Washington

Reported by Neil Anderson, Managing Editor

Fundsters and others in asset management have gained a new voice in Washington, D.C.

Dalia Osman Blass
U.S. Securities and Exchange Commission
Director of the Division of Investment Management
The Securities and Exchange Commission (SEC) has created its own Asset Management Advisory Committee, SEC chairman Jay Clayton confirmed yesterday afternoon. Dalia Blass, director of the SEC's division of investment management, hinted back in the spring that the agency might be creating such a committee.

Clayton describes asset management "a critical component of our markets" and states that he wants the committee to help the SEC's asset management efforts meet "the needs of retail investors and market participants."

Indeed, of the initial 23 members of the committee, many are fundsters or other industry players, including: Michelle McCarthy Beck, chief risk officer at TIAA Financial Solutions; former T. Rowe Price vice chairman Ed Bernard (who chairs the new committee): Jane Carten, president and PM at Saturna Capital; Scot Draeger, president-elect and wealth management director at R.M. Davis; Mike Durbin, president of Fidelity Institutional; Gilbert Garcia, managing partner of Garcia Hamilton & Associates; Neesha Hathi, executive vice president and chief digital officer at Charles Schwab; Adeel Jivraj, partner at Ernst & Young; Ryan Ludt, principal and global head of ETF capital markets and broker/index relations at Vanguard; Susan McGee, former president of U.S. Global Investors; Jeffrey Ptak, head of global manager research at Morningstar Research Services; Aye Soe, managing director and global head of product management at S&P Dow Jones Indices; Ross Stevens, founder and CEO of Stone Ridge Asset Management; Rama Subramaniam, head of systematic asset management at GTS; John Suydam, chief legal officer at Apollo Global Management; and Mark Tibergien, CEO of advisor solutions at BNY Mellon's Pershing. Academics and large institutional investors are also represented.

Paul Schott Stevens, president and CEO of the Investment Company Institute (ICI, a mutual fund industry trade group), lauds Clayton for launching the committee and for picking Bernard to chair it. (Bernard once served as chair of ICI.)

The committee officially starts on November 1 and will serve an initial, renewable, two-year term. 

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