A mutual fund industry trade group's chair and vice chair are staying on, even as a new CEO joins the group and new board members rise.
The board of governors of the Washington, D.C.-based Investment Company Institute (ICI) unanimously elected Rock Creek
managing director Eric Pan
as ICI"s next president and CEO, succeeding the retiring Paul Schott Stevens
. They also reelected
ICI chairman George Gatch
, CEO of J.P. Morgan Asset Management
, to serve an additional
one-year term. Ted Truscott
, immediate past ICI chairman, and CEO of Columbia Threadneedle Investments
, will continue as ICI's vice chairman for an additional one-year term, too.
A spokesperson for Rock Creek did not immediately return a call for comment.
Additionally, this month, new governors will be joining the Institute’s board, including: William Blair & Company's Stephanie G. Braming
; AQR Capital Management's Michael A. Mendelson
; Federated Hermes' Peter J. Germain
; and Invesco's Andrew Schlossberg
Stevens is retiring at the year-end after serving as ICI's president and CEO for more than 16 years.
Pan will be based in Washington, D.C. and will start on November 8, a spokesperson for the ICI confirms to 401kwire
. He will serve as the 10th chief executive in the 80-year history of ICI. He will be responsible for directing ICI's staff of 174 offices in Washington, D.C., London, Hong Kong.
Gatch was first elected to the board in 2001, served on the board's executive committee since 2006, and became ICI chairman in October 2018.
"I am honored to join ICI as its next president and chief executive," Pan stated. "ICI is an outstanding research organization and the leading voice for regulated funds and the shareholders they serve. I look forward to working with ICI's members and top-flight staff to be a forceful and effective advocate for the interests of funds and their investors around the world."
"I am honored to serve a third term as the Institute’s chairman," Gatch stated. "Between current world events and the retirement of ICI President and CEO Paul Schott Stevens, it will be a busy year for asset management and the Institute. I thank Paul for his exceptional service, and I look forward to working with ICI's membership and staff as we continue to promote the interests of funds and their investors through this time of transition."
"Eric Pan's global experience, deep financial and regulatory insight, and strong commitment to investor protection and service uniquely qualify him to lead ICI into its ninth decade," Gatch stated. "The Board is confident that he will continue to advance the strong organization that Paul Stevens helped build and lead it to navigate the new challenges and opportunities ahead."
Stevens stated, "It has been a great privilege for me to work closely with the leadership of our Board of Governors for more than 16 years. Over the past two years, George Gatch's service as our chair, with the support of Ted Truscott as vice-chair, has been outstanding — in the very best traditions of ICI. Their continued leadership over the coming year will help ensure the Institute seamlessly enters this next chapter and continues to fulfill its vital mission on behalf of funds and the investors they serve worldwide."
A Harvard University graduate, Pan has served at Rock Creek Global Advisors for nearly one year as managing director. Prior, he served at Columbia Law School for more than one year as senior research fellow and adjunct professor of law. During that time, he also served in the U.S. Commodity Futures Trading Commission for four years as director, office of international affairs. Before that, Pan served in the U.S. Securities and Exchange Commission (SEC) for four years as head of international regulatory policy and associate director, office of international affairs. Pan also served at Benjamin N. Cardozo School of law for six years as a professor, as well as at Covington & Burling for five years as an attorney.
A Washington University in St. Louis graduate, Gatch has served at J.P. Morgan Asset Management for more than 34 years, in a variety of roles including: chief executive officer; chief executive officer, global funds management; and managing director.
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