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2007 Activity Report
2006 Activity Report
2005 Activity Report
2004 Activity Report
2003 Activity Report
2002 Activity Report
2001 Activity Report
2000 Activity Report
This section provides general information about the IAA, its mission statement and Standards of Practice, IAA membership
criteria and dues, and current officers and Governors of the Association.
Background. The Investment Adviser Association is a not-for-profit organization that exclusively represents the interests of SEC-registered investment adviser firms. The Association was founded in 1937 as the Investment Counsel Association of America. Its name was changed to the Investment Adviser Association in 2005. The Association played a major role in the enactment of the Investment Advisers Act of 1940, the federal law regulating the investment adviser industry. Today, the IAA consists of about 500 investment adviser firms that collectively manage in excess of $8 trillion in assets for a wide variety of institutional and individual clients.
Service and Excellence. The Association provides various services and benefits to its membership, including
representing the interests of investment advisers before the U.S. Congress, the Securities and Exchange Commission, the Department of Labor, state
securities commissions, and other governmental entities on issues affecting its membership and the investment advisory profession.
Mission Statement. The purposes of the Association are:
To promote high standards of integrity, public responsibility, and competence in the investment advisory profession.
To provide effective, quality representation of the investment advisory profession at all levels of government with respect to the
development, formulation, and enactment of legislation, rules, and regulations relating to investment advisers.
To provide benefits, services, and products that assist and add value to member firms in their course of doing business.
Membership Criteria. The Association’s membership criteria for new member firms are as follows:
- Current SEC registration as an investment adviser.
- A minimum of one (1) year in business as an investment adviser.
- A minimum of $25 million in assets under management.
- Endorsement of the IAA’s Standards of Practice.
Annual Dues. Annual dues are based on assets under management, as listed below (effective January 1, 2008).
There is a one-time admission fee of $1,000 for new member firms (which can be applied as a credit at our next Annual Conference). For new member
firms, annual dues are prorated on a monthly basis (e.g., a firm that joins the Association in July will pay the $1,000 initial admission fee plus one-half
of the applicable annual dues).
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Assets Under Management
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Annual Dues
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More than $25 million but less than $500 million
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$2,500
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$500 million or more but less than $1.5 billion
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$2,750
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$1.5 billion or more but less than $3 billion
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$4,000
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$3 billion or more but less than $5 billion
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$5,250
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$5 billion or more but less than $7.5 billion
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$6,750
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$7.5 billion or more but less than $10 billion
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$7,500
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$10 billion or more but less than $20 billion
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$10,000
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$20 billion or more but less than $50 billion
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$12,500
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$50 billion or more but less than $100 billion
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$15,000
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More than $100 billion
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$17,500
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Standards of Practice. Since its founding in 1937, the Investment Adviser
Association (formerly the Investment Counsel Association of America) has prescribed certain principles of conduct for investment advisers. Over the
years, many of these principles have been used by Congress and the Securities and Exchange Commission as the basis for legislation and
regulations governing the conduct of investment advisers and by the United States Supreme Court in defining the standards of fiduciary conduct
applicable to all investment advisers.
The investment advisory profession has evolved and changed considerably
since 1937. Today, the nature, size, and other characteristics of investment
adviser firms – and the services they provide to a wide range of individual and
institutional clients – vary significantly. In addition, the legal, regulatory and
compliance requirements that relate to investment advisers have dramatically
expanded in scope and complexity. Accordingly, the Association’s Standards
of Practice reflect changes that have occurred while continuing to emphasize an investment adviser’s core fiduciary duty.
I. Fiduciary Duty and Professional Responsibility
An investment adviser stands in a special relationship of trust and
confidence with, and therefore is a fiduciary to, its clients. As a fiduciary, an investment adviser has an affirmative duty of care, loyalty,
honesty, and good faith to act in the best interests of its clients. The
parameters of an investment adviser’s duty depend on the scope of the advisory relationship and generally include:
(1) the duty at all times to place the interests of clients first;
(2) the duty to have a reasonable basis for its investment advice;
(3) the duty to seek best execution for client securities transactions
where the adviser directs such transactions;
(4) the duty to make investment decisions consistent with any mutually
agreed upon client objectives, strategies, policies, guidelines, and restrictions;
(5) the duty to treat clients fairly;
(6) the duty to make full and fair disclosure to clients of all material facts about the advisory relationship, particularly regarding conflicts of
interest; and
(7) the duty to respect the confidentiality of client information.
II. Professional Qualifications
To enable an investment advisory firm to serve its clientele effectively,
its investment and managerial personnel should be individuals of experience, ability, competence, and integrity.
III. Responsible and Ethical Business Practices
An investment adviser should run its business responsibly and ethically,
including ensuring that its financial condition, operations, and compliance structure are appropriate to protect its clients’ interests.
IV. Compensation for Services
The compensation of an investment adviser for investment advisory
services should be fair, reasonable, and fully disclosed to the client.
V. Communications with Clients and the Public
An investment adviser’s oral and written statements, including those
made to clients, prospective clients, their representatives, or the media, must be accurate, balanced, and not misleading.
Officers and Governors. Following are the current officers and the Board of
Governors of the Investment Adviser Association:
Officers
Blake Moore
Allianz Global Investors Fund Management LLC
Chairman
Elizabeth E. Prickett
Wellington Management Co., LLP
President
David G. Tittsworth
IAA
Executive Vice President & Executive Director
Daniel W. Boone III, CFA, CIC
Atlanta Capital Management Co., LLC
Vice President
Michael S. Cornfeld, CFA, CIC
Heritage Investors Management Corp.
Treasurer
Karen L. Barr
IAA
Secretary
Board of Governors (2007)
Wendell W. Birkhofer, CFA, CIC
Dodge & Cox
Daniel W. Boone III, CFA, CIC
Atlanta Capital Management Co., LLC
Andrew J. Bowden
Legg Mason Capital Management
Richard A. Carriuolo
R.M. Davis, Inc.
John M. Corby
Rigel Capital, LLC
Michael S. Cornfeld, CFA, CIC
Heritage Investors Management Corp.
Paula N. Drake
Oechsle International Advisors, L.L.C.
Geoffrey I. Edelstein, CFA, CIC
Transamerica Investment Management
William A. Goldstein
Lodestar Investment Counsel, LLC
Clare M. Hansen
Badgley, Phelps and Bell, Inc.
I. Craig Hester, CFA, CIC
Hester Capital Management, L.L.C.
Mark F. Kemper
UBS Global Asset Management
Clarence H. King, III, CFA, CIC
Emerson Investment Management
Vivian Pan, Ph.D., CFA
Hamlin Capital Management, LLC
Elizabeth E. Prickett
Wellington Management Co., LLP
Scott E. Richter
JP Morgan Investment Management
M. Gervase Rosenberger
Tweedy, Browne Company, LLC
James P. Sarni, CFA, CIC
Payden & Rygel
Patrick J. Sheppard
William Blair & Company, LLC
Pat H. Swanson, CFA, CIC
King Investment Advisors, Inc.
Linda Wondrack
Columbia Management Advisers, LLC
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