Paul Schott Stevens, president and CEO of the Investment Company Institute, will retire at the end of 2020.
Mr. Stevens has led the trade group since June 2004. He previously served as ICI's general counsel from 1993 to 1997.
During his presidency, Mr. Stevens led ICI's efforts on a series of crucial issues, including the globalization of fund investing, its response to the global financial crisis, and fund regulatory changes to enhance transparency, reduce costs and protect investors.
"I am immensely proud of the institute's many achievements during my time as its president and CEO," Mr. Stevens said in a news release. "Over these years, we have transformed ICI into a truly global organization with world-renowned research and analytical capabilities that support our advocacy on behalf of funds and their shareholders."
Under his leadership, ICI has engaged with policymakers and central banks to mitigate damage and spillover from the banking failures of 2008, ICI said in the news release. The group worked with members of Congress on the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and provided significant comment on subsequent regulations under that law, ICI noted.
Moreover, Mr. Stevens, in conjunction with the ICI board, launched the Money Market Working Group, which proposed significant reforms for the liquidity and soundness of money market funds, leading to the Securities and Exchange Commission's first round of money market fund reforms in 2010, ICI said.
"(Mr. Stevens') ability to navigate complex regulatory and policy matters while maintaining the industry's focus on serving fund shareholders has strengthened ICI's ability to advocate across the globe on issues of importance to funds and investors alike," said George C.W. Gatch, chairman of ICI's board of governors and CEO of J.P. Morgan Asset Management's global funds and global institutional businesses, in the news release. "I look forward to working with the board and Paul to identify the next leader of the institute, who will continue building on the strong foundation ICI has laid under Paul's leadership."
ICI has hired Russell Reynolds Associates to work with a select committee of ICI board members on a search to identify Mr. Stevens' successor in the coming year.
"It has been a privilege for me to lead our talented and dedicated staff, and to work alongside so many outstanding leaders in our industry," Mr. Stevens said. "Retiring from such rewarding work will be bittersweet, but I have every confidence that I will leave ICI in a very strong position for the next president."
