"Millennials don't trust people, but they trust technology."
, CEO of global funds management at J.P. Morgan Asset Management
and chairman of the planning committee for the Investment Company Institute's (ICI's
) General Membership Meeting (GMM
), shared that insight and more in his introductory remarks this afternoon at the opening session of the 2015 ICI GMM at the Marriott Wardman Park in Washington, D.C. The theme of the conference is "ICI at 75: Facing the Future", in recognition of this year being the 75th anniversary of both the ICI itself and of the Investment Company and Investment Advisers acts of 1940 (which created the modern mutual fund industry).
Gatch urged his fellow fundsters to embrace the opportunities presented tech-friendliness of the millennial generation (who, he notes, outnumber the Baby Boomers). Those millennials, he said, now control about $2 trillion in wealth, and that's expected to rise to $7 trillion by 2020.
"The need to adapt to changing circumstances is nothing new to the fund industry ... There is no room for complacency," Gatch said while reminding fundsters of the 75th anniversaries of the 1940 Acts and of the ICI itself. "We cannot rest on our laurels."
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