ICI Senior Research Staff
SENIOR DIRECTOR OF INDUSTRY AND FINANCIAL ANALYSIS
SENIOR DIRECTOR OF RETIREMENT AND INVESTOR RESEARCH
SENIOR DIRECTOR OF STATISTICAL RESEARCH
ICI Research Department
The ICI Research Department consists of 42 members, including economists and research analysts. This staff collects and disseminates data for all types of registered investment companies, offering detailed analyses of fund shareholders, the economics of investment companies, and the retirement and education savings markets.
2016 ICI Research and Statistical Publications
ICI is the primary source of analysis and statistical information on the investment company industry. In addition to the annual Investment Company Fact Book, the Institute’s Research Department released 19 research and policy publications and more than 300 statistical reports in 2016.
The Investment Company Fact Book remains one of ICI Research’s most visible products—garnering more than 37,000 visits and downloads in 2016. In its 57th edition, this ICI publication continues to provide the public and policymakers with a comprehensive summary of ICI’s data and analysis. The Fact Book is available at www.icifactbook.org in both PDF and HTML formats. The HTML version contains downloadable data for all charts and tables.
Industry and Financial Analysis
- “The Closed-End Fund Market, 2015,” ICI Research Perspective, April 2016
- “What Happens When Rates Rise? A Forecast of Bond Mutual Fund Flows Under a 2013 Taper Tantrum Interest Rate Scenario,” ICI Research Report, December 2016
- “American Views on Defined Contribution Plan Saving, 2015,” ICI Research Report, February 2016
- “Profile of Mutual Fund Shareholders, 2015,” ICI Research Report, March 2016
- “Characteristics of Mutual Fund Investors, 2016,” ICI Research Perspective, October 2016
- “Ownership of Mutual Funds, Shareholder Sentiment, and Use of the Internet, 2016,” ICI Research Perspective, October 2016
- “The Role of IRAs in US Households’ Saving for Retirement, 2015,” ICI Research Perspective, February 2016
- “Defined Contribution Plan Participants’ Activities, First Three Quarters of 2015,”
ICI Research Report, February 2016
- “401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2014,” ICI Research Perspective, April 2016
- The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at ERISA 403(b) Plans, 2013, May 2016
- “Defined Contribution Plan Participants’ Activities, 2015,” ICI Research Report, June 2016
- “The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2015,”
ICI Research Perspective, July 2016
- “Defined Contribution Plan Participants’ Activities, First Quarter 2016,” ICI Research Report, August 2016
- “The IRA Investor Profile: Traditional IRA Investors’ Activity, 2007–2014,” ICI Research Report, August 2016
- “The IRA Investor Profile: Roth IRA Investors’ Activity, 2007–2014,” ICI Research Report, August 2016
- “What Does Consistent Participation in 401(k) Plans Generate? Changes in 401(k) Account Balances, 2010–2014,” ICI Research Perspective, September 2016
- “Defined Contribution Plan Participants’ Activities, First Half 2016,” ICI Research Report, October 2016
- The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at 401(k) Plans, 2014, December 2016
- “A Look at Private-Sector Retirement Plan Income After ERISA, 2015,” ICI Research Perspective, December 2016
ICI’s papers and more are available at www.ici.org/research.
Analysis and Commentary: ICI Viewpoints
In addition to research papers, ICI staff produce analysis and commentary for the Institute’s blog, ICI Viewpoints. Below are some examples of the analysis published in 2016. Please visit www.ici.org/viewpoints to find these and more.
- The SEC’s Liquidity Proposal: Good Goals, Unintended Consequences
- How the SEC’s Six-Bucket Approach Could Provide a False Picture of Liquidity
- Liquidity Risk Management Must Be Done Right
- US and European Fund Investors Continue to Take Long View on EM Economies
- Derivatives—Please Don’t Let Them Be Misunderstood
- New Research by New York Fed Confirms: Bond Funds Don’t Pose Systemic Risks
- Models vs. the Real World—Why Bond Funds Aren’t the Bond Market
- How America Supports Retirement
- Tackling the Myths That Surround Us
- No, Benefits Are Not “Tilted” to the Higher Earners
- What Do Tax Rates Have to Do with the Benefits of Tax Deferral? Less Than You Think
- The Incentive to Save Is Not Upside Down
- Getting Started in a 401(k) Plan—and Getting the Most Out of It
- Three Reasons Why You Should Consider an IRA
- The “Waterfall Theory” of Liquidity Management Doesn’t Hold Water
- Yes, Funds Come and Go—Without Government Help
- Factors Contributing to the Decline of Expense Ratios in 2015
- The Liquidity Provided by ETFs Is No Mirage
- Building on the Success of the Private-Sector Retirement System Is the Real “Secure Choice”
- Matching Models to Reality
- Doomsayers Are Disappointed—Again—as Funds Weather Brexit Shock
- The Real-World Challenges to Regulators’ “First-Mover” Hypothesis
- In a Falling Market, the Real “Movers” May Be...the Buyers
- Bond Market Investors Don’t Follow the “First-Mover” Script
- Ten Years After the PPA, the Path to Retirement Saving Is Easier
- Revised Fed Data Show Mutual Funds’ Share of Corporate Bond Market Is Small and Stable
- As Money Market Fund Investors Adjust, Funds Have Managed Flows
- Money Market Fund Reforms Combine with Bank Regulations to Boost Interest Rates
- Fund Fees Have Been Falling for Two Decades
- The Taper Tantrum—Take II
Trends in Mutual Fund Investing
- Monthly report that includes mutual fund sales, redemptions, assets, cash positions, exchange activity, and portfolio transactions for the period by 42 investment objectives.
Estimated Long-Term Mutual Fund Flows
- Weekly report that provides aggregate estimates of net new cash flows to 16 categories of equity, hybrid, and bond mutual funds.
Estimated Exchange-Traded Fund (ETF) Net Issuance
- Weekly report that provides aggregate estimates of net issuance to six categories of ETFs.
Combined Estimated Long-Term Mutual Fund Flows And ETF Net Issuance
- Weekly news release and report that provides aggregate estimates of net new cash flows and net issuance to six categories of long-term mutual funds and ETFs.
Money Market Fund Assets
- Weekly report on money market fund assets by type of fund.
Monthly Taxable Money Market Fund Portfolio Data
- Monthly report based on data contained in SEC Form N-MFP that provides insights into the aggregated holdings of prime and government money market funds and the nature and maturity of security holdings and repurchase agreements.
Retirement Market Data
- Quarterly report that includes individual retirement account (IRA) and defined contribution (DC) plan assets, mutual fund assets, and estimates of mutual fund net new cash flows to retirement accounts by type of fund.
Mutual Fund Distributions
- Quarterly report that includes paid and reinvested capital gains and paid and reinvested income dividends of mutual funds by broad investment classification.
Institutional Mutual Fund Shareholder Data
- Annual report that includes mutual fund asset information for various types of institutional shareholders, broken out by broad investment classification.
Closed-End Fund Data
- Quarterly report that includes closed-end fund assets, number of funds, issuance, redemptions, distributions, use of leverage, and number of shareholders by investment objective.
Exchange-Traded Fund Data
- Monthly report that includes assets, number of funds, issuance, and redemptions of ETFs by investment objective.
Unit Investment Trust Data
- Monthly report that includes the value and number of new trust deposits by type and maturity.
Worldwide Regulated Open-End Fund Data
- Quarterly report that includes assets, number of funds, and net sales by broad investment classification of funds in 48 jurisdictions worldwide.
Publication of the 2017 Investment Company Fact Book was directed by Morris Mitler, economist, and Judy Steenstra, senior director of statistical research, working with Miriam Bridges, editorial director, James Duvall, assistant economist, Candice Gullett, senior copyeditor, and Stephanie Lacasse, senior designer. Contributors from ICI’s research team who developed and edited analysis, text, and data are Shelly Antoniewicz, Steven Bass, Mike Bogdan, Peter Brady, Grace Kelemen, Sheila McDonald, Matthew Nolan, Doug Richardson, Julieth Saenz, and Dan Schrass.