Dan Waters, a former director of asset management policy at the Financial Services Authority, has joined the launch of ICI Global, a new trade organisation set up by the Investment Company Institute, as managing director. ICI Global will focus on regulatory, market and other issues for global investment funds, their managers and investors. 

ICI Global members will include regulated U.S. and non-U.S. based funds publicly offered to investors in jurisdictions worldwide. The new organisation will be based in London with Waters heading its international funds work.

“ICI Global will seek to advance the common interests and promote public understanding of global investment funds, their managers, and their investors as market and regulatory issues increasingly cross borders,” said Paul Schott Stevens, ICI President and CEO. “It will build upon and expand ICI’s long-standing international advocacy on issues that affect millions of investors worldwide.”

ICI Global’s policy priorities and purposes fall into four broad categories: the role of funds and fund managers in financial stability; key transnational regulatory developments for funds; global trading and market structure policy developments; and retirement savings and pension systems.

“Dan Waters brings exceptional knowledge of global fund regulatory issues,” Stevens said. “He has gained wide respect as a member of the international regulatory community, in which he served for over two decades. He is well known throughout the fund industry and national and regional fund associations, with which ICI Global will work closely. Dan will be an outstanding leader for this groundbreaking initiative. So too will Jamie Broderick, who brings enormous business experience and policy understanding to his role as head of the ICI Global Steering Committee.”

Jamie Broderick, Head of J.P. Morgan Asset Management in Europe, will chair ICI Global’s Steering Committee. ICI Global’s Steering Committee, under Broderick’s leadership, will include senior executives of its global fund members.

It will draw on all of ICI’s Washington, D.C., based resources, including ICI’s unrivalled legal, regulatory, research, communications, and fund industry operations teams. ICI’s U.S. member funds serve more than 90 million investors and manage assets of $12.5 trillion, representing 98% of the U.S. fund market and nearly half of the $25.6 trillion worldwide fund market.  

“Global funds and fund managers face a complex array of regulatory and policy challenges,” Waters said. “Finding appropriate global solutions for these challenges requires the capacity to look beyond national and regional approaches to focus on genuine, value-adding global answers. ICI Global is uniquely placed to take up this challenge. I am absolutely delighted to be leading this exciting and important work.”