Brian Murdock, president and CEO of New York Life Investment Management and Martin Flanagan, the president and CEO of AMVESCAP kicked off the ICI's 49th General Membership Meeting Wednesday.

Martin Flanagan AMVESCAP president and CEO

Murdock called on fund managers to continue their commitment to shareholders, proclaiming that it is the moral obligation of fund managers to expand their skills to give shareholders the best possible service.

Murdock then turned his attention to fee disclosure. Every fund manager has the responsibility to provide shareholders with a transparent and accessible look at the fees they pay.

Murdock also outlined the types of alternative investment strategies fund managers should be familiar with to better serve their clients. He mentioned hedge strategies, 130/30 funds, and long/short strategies.

Amvescap's Flanagan also emphasized transparency of fees, saying that plan sponsors should have all the information available when making decisions.

Flanagan hammered home that plan sponsors should know all fees, risks and performance information .

He also commended the industry on their efforts so far to better serve shareholders, citing ICI studies that found that fund fees have fallen by half and funds have increased their client service efforts.

Flanagan said that fund-mangers should focus on how to best build their shareholders' nest eggs.

He stressed that, "time in the market beats timing the market any day."

Flanagan closed his remarks with his take on the indie chair rule. He said that independent directors should be part of boards because the responsibility of the position requires someone who is committed to just that position. 

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