Leading advisory firms are rapidly building out menus of ESG and impact investment opportunities. At the same time, forward-thinking asset managers and product developers are also accelerating their efforts, developing investment strategies that apply more rigorous criteria for measuring social and environmental impact.
Investment Advisory Solutions Assets Rise 2% to $4.2 Trillion in Volatile Second Quarter
New Net Flows of $63 Billion for the Three-Month Period
Highlights of the 3Q 2015 edition of MMI Central include:
MMI is pleased to announce that Hilary Fiorella has joined the organization in the newly created position of Senior Vice President and Chief Operating Officer.
Reporting to Craig Pfeiffer, MMI’s President and CEO, Ms. Fiorella’s duties include oversight and leadership of various strategic initiatives as well as day-to-day responsibility for operational and administrative activities.
MMI’s Legal & Compliance Committee has been actively involved in commenting on proposals that have been released by both the Financial Stability Oversight Council (“FSOC”) in the United States and internationally by the Financial Stability Board (“FSB”). Recently, the Committee’s initiatives on this front helped lead to a favorable development with the FSB.
On May 20, 2015, the SEC issued a release proposing to expand Form ADV Part 1A to gather more detailed information about SMAs, as well as other aspects of an adviser’s business. The proposal would greatly impact the disclosure requirements applicable to MMI members, as the definition of SMA under the proposal is broadly defined and would include any account that is not a pooled investment vehicle.
The Heydon Club, a 100-member social welfare organization dedicated to meeting community needs, donates $40,000 to charity each year, with the bulk of funds being generated annually by a major fundraiser. In 2001, the club created the Heydon Charitable Foundation (HCF), intending that HCF could fill the shortfall should the club find itself unable to generate sufficient funds for its charitable donation in any given year.
We are pleased to announce an exciting new initiative – the MMI Leadership Pathway. The program is designed to recognize talented and motivated individuals in the next generation and engage them in MMI activities in which they will learn from industry experts and network with peers. The program’s goal is to develop the leadership and collaboration skills that will equip participants to assume increasing levels of responsibility and actively contribute to addressing critical industry issues and opportunities.
On April 14, 2015, the U.S. Department of Labor announced a re-proposed definition of the term “fiduciary” under the ERISA standards of fiduciary conduct and the prohibited transaction rules under ERISA and section 4975 of the Internal Revenue Code. If adopted, the rule would have an immense impact on the advisory solutions industry and how members provide service to plan sponsors and IRAs.