Senior Executives Group
The AMF Senior Executives Group (also known as the COO Group) was formed in early 2004 as an industry response to proposed regulations that could affect the business of asset management firms. As a group, participating COOs (and other individuals at the senior management level) meet through the Forum to discuss corporate governance issues, emerging regulatory developments and other high-level issues which are relevant to buyside business practices. In addition to addressing potential reforms, the Group provides participants with invaluable networking opportunities.
June 28, 2005SEG Supports Changes to Pension Protection Act
Letter to Reps. Boehner & Miller
In a letter to the House Committee on Education and the Workforce, The Bond Market Association and the Senior Executives Group of The Asset Managers Forum urged inclusion of changes to ERISA's transaction rules in the Pension Protection Act of 2005 (H.R. 2850). To read the SEG letter, please click on the Pension Protection Act letter listed under "Important Documents".
June 28, 2005SEG Files SEC Comment Letter on NASD Mark-up Policy
The Senior Executives Group of The Asset Managers Forum has filed a comment letter with the U.S. Securities and Exchange Commission on the NASD proposed Mark-up policy. In its letter, the Group voiced serious concerns with the NASD’s proposed interpretation of the proposed Mark-up policy. Specifically, the SEG was concerned that the policy may have unintended adverse effects on market liquidity that is provided by broker-dealers. This comment letter was signed by John R. Gidman, Executive Vice President at Loomis Sayles and David L. Murphy, Senior Vice President and Head of Fixed Income at Fidelity Investments. Mr. Gidman serves as Chairman of the Senior Executives Group and Mr. Murphy serves as Chair of Joint Buyside/Sellside Regulatory Developments of SEG. To read the SEG letter, please click on the NASD Mark-up Comment Letter listed under "Important Documents".
March 25, 2005Survey and Formation of Task Force on Resumption of 30-Year Treasury Issuance
The Senior Executives Group (SEG) of the AMF and The Bond Market Association are currently conducting a survey of investors to better quantify the nature of investor demand for 30-year U.S. Treasury bonds. In addition, the SEG and the Association are forming a joint 30-Year Treasury Bond Task Force which will be studying the benefits associated with a resumption of 30-year bond issuance to taxpayers, investors, and the U.S. financial markets as a whole. For more information, please read the 30-Year Bond Press Release listed under "Important Documents".
March 25, 2005John Gidman Named as Chairman of SEG
John Gidman of Loomis, Sayles & Company L.P. has agreed to serve as Chairman of the Senior Executives Group (“SEG”) of The Asset Managers Forum. Mr. Gidman succeeds Thomas Hirschfeld in this role. Mr. Hirschfeld has recently become COO of Halcyon, a hedge fund located in New York City. Mr. Gidman is currently Executive Vice President and a Director of Loomis, Sayles & Company, L.P., where he is responsible for operations and technology. He is also President of Loomis Sayles Solutions, L.L.C. (Also see March 25, 2005 Weekly Report).
March 11, 2005SEG to Develop SAS 70 Best Practices
John Gidman of Loomis Sayles, who serves as the Chairman of the SEG SAS 70 Advocacy Committee, has taken the lead with other SEG members on developing SAS 70 best practices for the testing of internal controls for financial reporting purposes. In relation to this initiative, the SEG and staff will participate in the Commission's April 13th Roundtable on Sarbanes-Oxley 404 and will develop a web site specifically for this best practices advocacy initiative.
February 11, 20052005 SEG Advocacy Agenda
During its Washington D.C. Conference, the Senior Executives Group met to discuss items that affect the businesses of asset management firms and how these items would be addressed within this industry forum, together with The Bond Market Association. Among its top priorities, the SEG will continue to develop SAS 70 best practices, which would in effect, create a standard SAS 70 for asset managers. In addition, the SEG has identified at least eight other advocacy initiatives that will be addressed and/or monitored by the Group. To read more on the advocacy items of the SEG, click on the 2005 Advocacy Agenda under the "Important Documents" section.
The SEG also met with Commissioner Cynthia Glassman of the SEC, Clay Berry of the U.S. Department of Treasury and Carter McDowell, Chief Counsel of the House Financial Services Committee on several regulatory and legislative matters.
January 24, 2005SEG Washington D.C. Meeting
The Senior Executives Group will meet on January 27 and 28 at the Washington D.C. offices of The Bond Market Association to identify salient legislative and regulatory issues affecting the buyside. Leading COOs and other senior executives with asset management firms will attend and help shape TBMA's 2005 joint advocacy goals with the investment community.
For more information, please contact Joseph Sack, Executive Vice President, The Bond Market Association and Executive Director of the SEG and click on the Upcoming Events link.
October 26, 2004AMF Reports on New Hedge Fund Rule
In an industry-wide conference call, the staff of The Asset Managers Forum reported on the proceedings of an SEC meeting at which, the Commission voted 3 to 2 in favor of adopting a rule that would require hedge fund advisers to register with the Securities and Exchange Commission more…
Click here to listen to the AMF Report on the SEC Hedge Fund Rule
October 8, 2004Post-Election Meeting
On November 4, 2004 the AMF COO Senior Executive Group will meet in Boston for a post Presidential Election update by the Washington Office of The Bond Market Association as well as an update on SAS 70 challenges and how the industry might be able to compile helpful suggestions regarding this matter. The Group will continue to work with The Bond Market Association in discussing regulatory and legislative issues that are being proposed and that would require an industry-wide response.
The COO Senior Executives Group anticipates meeting with other senior executives in the New York region and on the West Coast. More details regarding these meetings will be forthcoming.
July 16, 2004AMF Attends SEC and Senate Meetings
On July 14th and 15th, the staff The Asset Managers Forum attended an SEC meeting and a Congressional hearing in Washington D.C. at which a proposed rule requiring hedge fund advisers to register with the SEC was discussed. The AMF COO Group will address this issue and discuss the possibility of submitting a comment letter at its next meeting. For more information on the SEC and Senate developments relating to this matter, please refer to the AMF COO Group Special Bulletin on Hedge Funds.
June 3, 2004Chairman of COO Group Named
The Asset Managers Forum named Thomas Hirschfeld of J. & W. Seligman as Chairman of the Forum’s COO Group. Among his many professional positions at Seligman, most notably, Mr. Hirschfeld is Chief Operating Officer of Seligman’s Investment Department. Since the inception of the AMF COO Group, Mr. Hirschfeld has helped coordinate and mobilize the buyside in addressing important industry regulatory initiatives that could affect the business of asset managers more...
May 25, 2004COO Group Submits Comment Letter to SEC
In continuing with its mission to foster major advocacy initiatives on behalf of asset management firms, The Asset Managers Forum has filed a comment letter with the SEC that supports the Commission's proposed disclosure approach to the question of side-by-side management of hedge funds and mutual funds by portfolio managers. The comment letter addresses the Commission's concerns relating to potential or perceived conflicts of interest that may exist when a portfolio manager simultaneously manages both a mutual fund and hedge fund. The letter cites that a disclosure approach is more favorable than prohibiting the practice since a ban would likely be detrimental to both investors and small asset management firms. To read the letter, simply click on the appropriately listed "Important Document".
May 21, 2004COO Group Supports SEC Disclosure
COO Group Members Thomas Hirschfeld of J. & W. Seligman and Lee Pickard of Pickard & Djinis offered an overview of the buyside's perspectives on the issue of mutual fund/hedge fund side-by-side management. The COO Group drafted a comment letter to the SEC supporting the Commission's disclosure approach regarding the side-by-side management issue. The letter cites possible unintended consequences of prohibiting side-by-side management such as causing a "talent drain" that could be detrimental to both investors and small asset management firms.
April 6, 2004COO Group Meets with SEC
The COO Group has mapped out a plan to respond to the SEC rule proposal to possibly require new disclosure regarding portfolio managers. On April 6, the Group met with senior staff at the SEC to address issues relating to the side-by-side management of hedge funds and mutual funds. The AMF COO Group discussed views with the SEC staff regarding the following items which have been identified by the Commission in its formal rulemaking proceedings:
- Background/Current Portfolio Manager Practices
- Identification of Portfolio Management Team Members
- Disclosure Regarding Other Accounts Managed, Potential Conflicts of Interest, and Policies and Procedures to Address Conflicts
- Disclosure of Portfolio Manager Compensation Structure
- Disclosure of Securities Ownership of Portfolio Managers
- Removal of Exclusion for Index Funds
- Disclosure Methods/Closed-end Funds/Compliance Date
In addition to meeting with regulators on April 6, the Group will submit an official comment letter to the Commission. To participate in this dynamic initiative, contact Joseph Sack, Executive Director of the COO Group.