SEC's Asset Management Advisory Committee Tackles Industry's Hot-Button Issues

The SEC recently held the inaugural meeting of its newest advisory committee—the Asset Management Advisory Committee, or the “AMAC.” SEC Chairman Jay Clayton who did not attend the meeting in person said in prepared remarks: “I believe the AMAC will help ensure that our regulatory approach to asset management meets the needs of retail investors and market participants at a time when the asset management industry and our markets more generally are rapidly evolving.” The Committee is composed of industry participants ranging from large to small firm representatives and executives. Panelists discussed the state of the industry including changing investor demographics, proliferation of passive investment products, and the concentration of assets among the largest firms. A key theme was the changing character of the asset management industry over the last two decades and how regulators and business could chart a path forward. Industry participants also discussed opportunities for retail investors to invest in private equity and the impact of global regulation on the US asset management industry. Materials from the AMAC’s inaugural meeting are available on the SEC’s web page and can be found here.