Investment Company Institute
Encyclopedia
As of November 2010, ICI membership included 7,559 mutual fund
Mutual fund
A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...
s, 620 closed-end fund
Closed-end fund
A closed-end fund is a collective investment scheme with a limited number of shares. It is called a closed-end fund because new shares are rarely issued once the fund has launched, and because shares are not normally redeemable for cash or securities until the fund liquidates.Typically an...
s, 920 exchange-traded fund
Exchange-traded fund
An exchange-traded fund is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds, and trades close to its net asset value over the course of the trading day. Most ETFs track an index, such as the S&P 500 or MSCI EAFE...
s (ETFs), and three sponsors of unit investment trust
Unit Investment Trust
A Unit Investment Trust is a US investment company offering a fixed portfolio of securities having a definite life. UITs are assembled by a sponsor and sold through brokers to investors.-Types:...
(UITs). Members manage assets totaling $12.9 trillion and serve almost 90 million shareholders.
In the aftermath of stock market
Stock market
A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately.The size of the world stock market was estimated at about $36.6 trillion...
scandals in the 1920s and 1930s, ICI was established in 1940 in New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
as the National Committee of Investment Companies. It became the National Association of Investment Companies (NAIC) in 1941. NAIC changed its name to the Investment Company Institute in 1961.
ICI membership is open to Securities and Exchange Commission-registered investment companies (mutual funds, closed-end funds, ETFs, and UITs), their investment advisers, and underwriters. The Institute advocates on behalf of its members with federal, state, and foreign regulators and legislatures.