The ICI has a new industry face at the top, but don't expect John Murphy to disappear just yet. On Friday the trade group revealed the election of a new chairman, Edward Bernard; Murphy will shift into the vice chairmanship.

Bernard serves as vice chairman of T. Rowe Price, and John Murphy serves as chairman of MassMutual's asset management subsidiary, OppenheimerFunds.

The ICI also just added five new board members, including: Dreyfus chairman and CEO Jonathan Baum; Allegiant trustee Dorothy Berry; New York Life Investments CEO John Kim; American Century independent chair Donald Pratt; and Putnam president and CEO Bob Reynolds. 

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