ICI Senior Research Staff
Sean Collins leads the Institute’s Research Department. He oversees statistical collections and research on US and global funds, financial markets, the US retirement market, financial stability, and investor demographics. Before joining ICI in 2000, Collins worked at the US Federal Reserve Board of Governors and the Reserve Bank of New Zealand. He is a member of the Group of Economic Advisers (GEA) to the European Securities and Markets Authority (ESMA). He has a PhD in economics from the University of California, Santa Barbara, and a BA in economics from Claremont McKenna College.
Senior Director of Industry and Financial Analysis
Rochelle (Shelly) Antoniewicz leads the Institute’s research efforts on the structure and trends of the exchange-traded fund and mutual fund industries and on the financial markets in the United States and globally. Before joining ICI, Antoniewicz spent 13 years at the Federal Reserve Board of Governors. She earned a BA in management science from the University of California, San Diego, and an MS and PhD in economics from the University of Wisconsin–Madison.
Senior Director of Retirement and Investor Research
Sarah Holden leads the Institute’s research efforts on investor demographics and behavior and retirement and tax policy. Holden, who joined ICI in 1999, heads efforts to track trends in household retirement saving activity and ownership of funds as well as other investments inside and outside retirement accounts. Before 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.
Senior Director of Statistical Research
Judy Steenstra 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 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
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.
2019 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 17 research and policy publications and more than 300 statistical reports in 2019.
The Investment Company Fact Book remains one of ICI Research’s most visible products. In its 60th 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
- “Trends in the Expenses and Fees of Funds, 2018,” ICI Research Perspective, March 2019
- “The Closed-End Fund Market, 2018,” ICI Research Perspective, April 2019
- “Proxy Voting by Registered Investment Companies, 2017,” ICI Research Perspective, July 2019
- “Ongoing Charges for UCITS in the European Union,” ICI Research Perspective, September 2019
Retirement and Investor Research
- “American Views on Defined Contribution Plan Saving, 2018,” ICI Research Report, February 2019
- “Defined Contribution Plan Participants’ Activities, First Three Quarters of 2018,” ICI Research Report, February 2019
- “What US Households Consider When They Select Mutual Funds, 2018,” ICI Research Perspective, May 2019
- “Defined Contribution Plan Participants’ Activities, 2018,” ICI Research Report, May 2019
- The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at 401(k) Plans, 2016, June 2019
- “The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2018,” ICI Research Perspective, July 2019
- “Who Participates in Retirement Plans, 2016,” ICI Research Perspective, August 2019
- “Defined Contribution Plan Participants’ Activities, First Quarter 2019,” ICI Research Report, August 2019
- “Characteristics of Mutual Fund Investors, 2019,” ICI Research Perspective, October 2019
- “Ownership of Mutual Funds, Shareholder Sentiment, and Use of the Internet, 2019,” ICI Research Perspective, October 2019
- “Profile of Mutual Fund Shareholders, 2019,” ICI Research Report, December 2019
- “The Role of IRAs in US Households’ Saving for Retirement, 2019,” ICI Research Perspective, December 2019
- “Defined Contribution Plan Participants’ Activities, First Half 2019,” ICI Research Report, December 2019
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 2019. Please visit www.ici.org/viewpoints to find these and more.
- Corporate and Investment Grade Bond Funds: What’s in a Name?
- From December Outflows to January Inflows: Seasonal Factors in Mutual Fund Flows
- Americans: In Defined Contribution We Trust
- IRA: Will You Be Mine?
- It’s 5/29—Are You Taking Full Advantage of College Savings Opportunities?
- Mind the Gap
- IRA Investors Are Concentrated in Lower-Cost Mutual Funds
- Three Bs or Not Three Bs: Revisiting Claims That Investment Grade Corporate Bond Funds Pose Financial Stability Risks
- Happy Birthday, IRA! Congratulations on 45 Years
- Five Key Points on 401(k) Plan Fees from ICI Research
- Talkin’ ’Bout the Generations: ICI Research on Mutual Fund Ownership by Generation
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 inside retirement accounts, and estimates of mutual fund net new cash flows from 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 47 jurisdictions worldwide.
Publication of the 2020 Investment Company Fact Book was directed by James Duvall, economist, and Judy Steenstra, senior director of statistical research, working with Miriam Bridges, editorial director, Candice Gullett, editor, and Erica Walborn, designer. Contributors from ICI’s research team who developed and edited analysis, text, and data were Irina Atamanchuk, Steven Bass, Mike Bogdan, Sheila McDonald, Doug Richardson, Casey Rybak, Dan Schrass, and Christof Stahel.
Morris Mitler was an economist in industry and financial analysis at the Investment Company Institute. He was a core part of the Investment Company Fact Book team during his entire tenure at ICI, and for two of those years, he directed the publication of the Fact Book.
Morris is missed every day by his colleagues, and his absence was particularly felt during this year’s Fact Book season. We devote many hours each year to putting together Fact Book, and a lot of that time is spent in deep collaboration with the entire team. We missed his friendship, his stories, his humor, his enthusiasm, his generosity, his humility, and his care for his work.
He was beloved by his colleagues. He was a friend to us all.
—ICI’s Fact Book team