Investment Company Institute

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Investment Company Institute
Ici logo 541-1-.jpg
Founded 1961
Headquarters Washington, DC, USA
Products National Association of U.S. Investment Companies
Web site

The Investment Company Institute (ICI) [1] is the national association of U.S. investment companies, including mutual funds, closed-end funds, exchange-traded funds and unit investment trusts. The Investment Company Institute Education Foundation is a member of the Alliance for Investor Education.[2]

In March of 2009, ICI issued a white paper with recommendations on how to achieve meaningful reform of the system for regulating the U.S. financial services industry, with particular emphasis on the functioning of the capital markets and the regulation of investment companies.

The ICI white paper, "Financial Services Regulatory Reform: Discussion and Recommendations," called for the creation or designation of a "Systemic Risk Regulator," as well as a new "Capital Markets Regulator" that would encompass the combined functions of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It included suggestions for specific steps for the Capital Markets Regulator, including hiring more agency staff with significant prior industry experience, and establishing a multidisciplinary Capital Markets Advisory Committee comprised of private sector representatives from all major sectors of the capital markets. The paper also recognizes the critical need for effective coordination and information-sharing among financial regulators, including the Systemic Risk Regulator. In addition, ICI recommended that Congress consider consolidation of the regulatory structure for the banking sector and authorization of an optional federal charter for insurance companies.[3]


The Institute was established in 1940 in New York as the National Committee of Investment Companies. It became the National Association of Investment Companies in 1941. In 1940, Institute members included 68 mutual funds and 43 closed-end funds, and assets for the fund industry totaled $2.1 billion. The NAIC instituted its first public information program in 1943, began collecting industry statistics a year later, and held its first General Membership Meeting in 1959. NAIC changed its name to the Investment Company Institute in 1961, the year that underwriters and advisers of mutual funds became eligible for membership. That was also the year the first Fact Book was published. Unit investment trusts were welcomed as Institute members in 1985.


Key People

The Institute's chairman is John V. Murphy, chairman and ceo of Oppenheimer Funds, Inc. Martin L. Flanagan, president and CEO of INVESCO PLC serves as the Institute's vice chairman.


Investment Company Institute - Financial Services Regulatory Reform: Discussion and Recommendations, March 3, 2009


  1. About ICI. Investment Company Institute.
  2. Members. Alliance for Investor Education.
  3. ICI Outlines Detailed Regulatory Reform Proposal. ICI.