ICI Research Staff and Publications

ICI Senior Research Staff

Chief Economist

Sean Collins leads the Institute’s Research Department. He oversees statistical collections and research on US and global funds, financial markets, the US retirement market, financial stability, and investor demographics. Before joining ICI in 2000, Collins worked at the US Federal Reserve Board of Governors and the Reserve Bank of New Zealand. He is a member of the Group of Economic Advisers (GEA) to the European Securities and Markets Authority (ESMA). He has a PhD in economics from the University of California, Santa Barbara, and a BA in economics from Claremont McKenna College.

Senior Director of Industry and Financial Analysis

Rochelle (Shelly) Antoniewicz leads the Institute’s research efforts on the structure and trends of the exchange-traded fund and mutual fund industries and on the financial markets in the United States and globally. Before joining ICI, Antoniewicz spent 13 years at the Federal Reserve Board of Governors. She earned a BA in management science from the University of California, San Diego, and an MS and PhD in economics from the University of Wisconsin–Madison.

Senior Director of Retirement and Investor Research

Sarah Holden leads the Institute’s research efforts on retirement and tax policy and investor demographics and behavior. Holden, who joined ICI in 1999, heads efforts to track trends in household retirement saving activity and ownership of funds as well as other investments inside and outside retirement accounts. Before joining ICI, Holden served as an economist at the Federal Reserve Board of Governors. She has a PhD in economics from the University of Michigan and a BA in mathematics and economics from Smith College.

Senior Director of Statistical Research

Judy Steenstra oversees the collection and publication of weekly, monthly, quarterly, and annual data on open-end mutual funds, as well as data on closed-end funds, exchange-traded funds, unit investment trusts, and the worldwide fund industry. Steenstra joined ICI in 1987 and was appointed director of statistical research in 2000. She has a BS in marketing from The Pennsylvania State University.

ICI Research Department

The ICI Research Department consists of 42 members, including economists and research analysts. This staff collects and disseminates data for all types of registered investment companies, offering detailed analyses of fund shareholders, the economics of investment companies, and the retirement and education savings markets.

2020 ICI Research and Statistical Publications

ICI is the primary source of analysis and statistical information on the investment company industry. In addition to the annual Investment Company Fact Book, the Institute’s Research Department released 20 research and policy publications and more than 300 statistical reports in 2020.

The Investment Company Fact Book remains one of ICI Research’s most visible products. In its 61st edition, this ICI publication continues to provide the public and policymakers with a comprehensive summary of ICI’s data and analysis. The Fact Book is available at www.icifactbook.org in both PDF and HTML versions. The HTML version contains downloadable data for all charts and tables.

Papers

Industry and Financial Analysis

• “Trends in the Expenses and Fees of Funds, 2019,” ICI Research Perspective, March 2020
• “The Closed-End Fund Market, 2019,” ICI Research Perspective, May 2020
• “Ongoing Charges for UCITS in the European Union, 2019,” ICI Research Perspective, October 2020

Retirement and Investor Research

• “American Views on Defined Contribution Plan Saving, 2019,” ICI Research Report, January 2020
• “Defined Contribution Plan Participants’ Activities, First Three Quarters of 2019,” ICI Research Report, February 2020
• “Ten Important Facts About 401(k) Plans,” March 2020
• “What US Households Consider When They Select Mutual Funds, 2019,” ICI Research Perspective, April 2020
• The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at ERISA 403(b) Plans, 2016, April 2020
• “Defined Contribution Plan Participants’ Activities, 2019,” ICI Research Report, April 2020
• The Myth of Under-Annuitization: Managing Income and Assets in Retirement, April 2020
• “Who Participates in Retirement Plans, 2017,” ICI Research Perspective, May 2020
• “Defined Contribution Plan Participants’ Activities, First Quarter 2020,” ICI Research Report, May 2020
• “Ten Important Facts About IRAs,” May 2020
• “The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2019,” ICI Research Perspective, July 2020
• “Defined Contribution Plan Participants’ Activities, First Half 2020,” ICI Research Report, August 2020
• The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at 401(k) Plans, 2017, August 2020
• “What Does Consistent Participation in 401(k) Plans Generate? Changes in 401(k) Plan Account Balances, 2010–2018,” ICI Research Perspective, October 2020
• “Characteristics of Mutual Fund Investors, 2020,” ICI Research Perspective, November 2020
• “Ownership of Mutual Funds, Shareholder Sentiment, and Use of the Internet, 2020,” ICI Research Perspective, November 2020
• “Defined Contribution Plan Participants’ Activities, First Three Quarters of 2020,” ICI Research Report, November 2020

ICI’s papers and more are available at www.ici.org/research.

Analysis and Commentary: ICI Viewpoints

In addition to research papers, ICI staff produce analysis and commentary for the Institute’s blog, ICI Viewpoints. Below are some examples of recent analysis by ICI staff, including a series of posts detailing the experiences of bond funds during the COVID-19 pandemic. Please visit www.ici.org/viewpoints to find these and more.

• Proxy Proposals Worth Supporting
• Mutual Fund Flows in the COVID-19 Crisis
• ETFs Are Passing the COVID-19 Crisis Test
• IRA Investors Are Concentrated in Lower-Cost Mutual Funds
• Market Turmoil and Liquidity Crunch Rooted in the COVID-19 Pandemic
• Value Is in the Eye of the UCITS Holder
• Bond Mutual Fund Outflows: A Measured Investor Response to a Massive Shock
• What’s in a Name, Redux: For Bond Mutual Funds, “Corporate” Matters
• Growth in Bond Mutual Funds: See the Whole Picture
• Growth in Bond Mutual Funds: A Question of Balance

Statistical Releases

Trends in Mutual Fund Investing

Monthly report that includes mutual fund sales, redemptions, assets, cash positions, exchange activity, and portfolio transactions for the period by 42 investment objectives.

Estimated Long-Term Mutual Fund Flows

Weekly report that provides aggregate estimates of net new cash flows to 16 categories of equity, hybrid, and bond mutual funds.

Estimated Exchange-Traded Fund (ETF) Net Issuance

Weekly report that provides aggregate estimates of net issuance to six categories of ETFs.

Combined Estimated Long-Term Mutual Fund Flows and ETF Net Issuance

Weekly news release and report that provides aggregate estimates of net new cash flows and net issuance to six categories of long-term mutual funds and ETFs.

Money Market Fund Assets

Weekly report on money market fund assets by type of fund.

Monthly Taxable Money Market Fund Portfolio Data

Monthly report based on data contained in SEC Form N-MFP that provides insights into the aggregated holdings of prime and government money market funds and the nature and maturity of security holdings and repurchase agreements.

Retirement Market Data

Quarterly report that includes individual retirement account (IRA) and defined contribution (DC) plan assets, mutual fund assets inside retirement accounts, and estimates of mutual fund net new cash flows to retirement accounts by type of fund.

Mutual Fund Distributions

Quarterly report that includes paid and reinvested capital gains and paid and reinvested income dividends of mutual funds by broad investment classification.

Institutional Mutual Fund Shareholder Data

Annual report that includes mutual fund asset information for various types of institutional shareholders, broken out by broad investment classification.

Closed-End Fund Data

Quarterly report that includes closed-end fund assets, number of funds, issuance, redemptions, distributions, use of leverage, and number of shareholders by investment objective.

Exchange-Traded Fund Data

Monthly report that includes assets, number of funds, issuance, and redemptions of ETFs by investment objective.

Unit Investment Trust Data

Monthly report that includes the value and number of new trust deposits by type and maturity.

Worldwide Regulated Open-End Fund Data

Quarterly report that includes assets, number of funds, and net sales by broad investment classification of funds in 46 jurisdictions worldwide.

These and other ICI statistics are available at www.ici.org/research/stats. To subscribe to ICI’s statistical releases, visit www.ici.org/pdf/stats_subs_order.pdf.

Acknowledgments

Publication of the 2021 Investment Company Fact Book was directed by James Duvall, economist, and Judy Steenstra, senior director of statistical research, working with Candice Gullett, editor, Miriam Bridges, editorial director, and Janet Zavistovich, senior director of design. Contributors from ICI’s research team who developed and edited analysis, text, and data are Irina Atamanchuk, Steven Bass, Mike Bogdan, Alex Johnson, Sheila McDonald, Hammad Qureshi, Doug Richardson, Casey Rybak, Dan Schrass, and Christof Stahel.