Investment Counsel Association of America Changes Name to Investment Adviser Association; New Name Reflects Mission of Serving Business and Regulatory Needs of Investment Adviser Firms.
WASHINGTON -- The Investment Counsel Association of America (ICAA) today announced that its members have voted to change the name of the 68-year-old organization to the Investment Adviser Association effective immediately. Additionally, the Association introduced a new logo and look to reflect the new name.
Since 1937, the Investment Adviser Association has been the only organization exclusively dedicated to serving SEC registered advisers The Association elected to change its name to better reflect its mission, namely to serve the current business and regulatory needs of investment adviser firms and represent the industry to regulators.
The primary business of the members of the Investment Adviser Association is providing investment advice to their clients. Investment advisers owe a fiduciary duty to their clients - a key legal requirement distinguishing investment adviser firms from other financial services providers. The Investment Adviser Association's members are registered with the Securities and Exchange Commission (SEC) under the Investment Advisers Act of 1940 and have at least $25 million in assets under management.
"Although our diverse membership represents the full spectrum of investment adviser firms, all of them share one core trait: they are registered and regulated under the Investment Advisers Act of 1940," said Blake Moore, President of the Association and CEO and Managing Director, Allianz Global Investors U.S. Retail. "By adopting the Act's terminology, we are highlighting the uniqueness of the investment adviser profession and distinguishing ourselves from financial services industries that are regulated under other laws."
"Regardless of their size, focus, or style, investment adviser firms face many of the same business and regulatory challenges. Our Association continues to be committed to serving the interests of our members in meeting these challenges," he continued.
According to data collected by the SEC, investment advisers collectively manage more than $20 trillion in assets for their clients. The size of investment adviser companies ranges from a relatively few large global enterprises to thousands of small businesses. Investment adviser firms manage assets for a wide range of clients including individuals, families, and other private client accounts, as well as institutions such as public and private pension plans, various corporate funds, mutual funds, hedge funds, charitable organizations, endowments, and more.
