ICI Senior Research Staff


		Chief Economist Brian Reid leads the Institute’s Research Department. The department serves as a source for statistical data on the investment company industry and conducts public policy research on fund industry trends, shareholder demographics, the industry’s role in U.S. and foreign financial markets, and the retirement market. Prior to joining ICI in 1996, Reid served as an economist at the Federal Reserve Board of Governors. He has a PhD in economics from the University of Michigan and a BS in economics from the University of Wisconsin–Madison.
		Industry and Financial Analysis Sean Collins, Senior Director of Industry and Financial Analysis, heads ICI’s research on the structure of the mutual fund industry, industry trends, and the broader financial markets. Collins, who joined ICI in 2000, is responsible for conducting and overseeing research on the flows, assets, and fees of mutual funds, as well as a major recent research initiative to better understand the costs and benefits of laws and regulations governing mutual funds. Prior to joining ICI, Collins was a staff economist at the Federal Reserve Board of Governors and at the Reserve Bank of New Zealand. He has a PhD in economics from the University of California, Santa Barbara, and a BA in economics from Claremont McKenna College.
		Retirement and Investor Research Sarah Holden, Senior Director of Retirement and Investor Research, leads the Institute’s research efforts on investor demographics and behavior, retirement and tax policy, and international issues. Holden, who joined ICI in 1999, leads ICI efforts to track trends in household retirement saving activity and ownership of funds and other investments inside and outside retirement accounts. Prior to joining ICI, Holden served as an economist at the Federal Reserve Board of Governors. She has a PhD in economics from the University of Michigan and a BA in mathematics and economics from Smith College.
		Statistical Research Judy Steenstra, Senior Director of Statistical Research, oversees the collection and publication of weekly, monthly, quarterly, and annual data on open-end mutual funds, as well as data on closed-end funds, exchange-traded funds, unit investment trusts, and the worldwide mutual fund industry. Steenstra joined ICI in 1987 and was appointed Director of Statistical Research in 2000. She has a BS in marketing from The Pennsylvania State University.

ICI Research Department Staff

The ICI Research Department consists of 40 staff members, including economists, research assistants, policy analysts, and data assistants. This staff collected and disseminated data for all types of registered investment companies and published 16 reports in 2009, offering detailed analyses of fund shareholders, the economics of investment companies, and the retirement and education savings markets.

2009 ICI Statistical and Research Publications

In 2009, the Institute’s Research Department released almost 150 statistical reports examining the broader investment company industry as well as specific segments of the industry: money market funds, closed-end funds, exchange-traded funds, and unit investment trusts. ICI also regularly compiles and releases specialized statistical reports that measure mutual funds in the retirement, institutional, and worldwide markets. See appendix C for a more detailed description of ICI’s regular statistical releases and about how to subscribe to the releases.

Industry and Financial Analysis Research Publications

“Trends in the Fees and Expenses of Mutual Funds, 2008,” Fundamentals, April 2009

Investor Research Publications

Profile of Mutual Fund Shareholders, 2008, February 2009
“Characteristics of Mutual Fund Investors, 2008,” Fundamentals, February 2009
“Ownership of Mutual Funds, Shareholder Sentiment, and Use of the Internet, 2009,” Fundamentals,
December 2009
“Characteristics of Mutual Fund Investors, 2009,” Fundamentals, December 2009

Retirement and Tax Research Publications

“The Role of IRAs in U.S. Households’ Saving for Retirement, 2008,” Fundamentals, January 2009
“The Closed-End Fund Market, 2008,” Fundamentals, May 2009
Defined Contribution / 401(k) Fee Study: Inside the Structure of Defined Contribution/401(k) Plan Fees:
A Study in Assessing the Mechanics of What Drives the “All-In” Fee, June 2009
“The U.S. Retirement Market, 2008,” Fundamentals, June 2009
“What Does Consistent Participation in 401(k) Plans Generate?” Perspective, July 2009
“The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2008,” Fundamentals,
August 2009
“The U.S. Retirement Market, First Quarter 2009,” Fundamentals, August 2009
“The U.S. Retirement Market, Second Quarter 2009,” Fundamentals, October 2009
“401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2008,” Perspective,
October 2009
“The Evolving Role of IRAs in U.S. Retirement Planning,” Perspective, November 2009

A complete, updated list of ICI research publications is available on the Institute’s website at
www.ici.org/research.

Acknowledgments

Publication of the 2010 Investment Company Fact Book was directed by Rochelle Antoniewicz,
Senior Economist, working with Miriam Moore, Senior Editor, and Adrienne Davis, Designer.

Copyright 2010 Investment Company Institute