Salutations Where Salutations Are Due

May 19, 2008

The mood at the Investment Company Institute's 50th Annual General Membership Meeting in Washington, D.C., earlier this month, themed 'Our Foundations, Our Future,' was markedly upbeat. Certainly, this is welcome and refreshing, especially following the dot-com crash of 2000-2001, the mutual fund scandals of 2003-2005 and this year's subprime credit crisis hitting the financial services industry and Wall Street, in particular, so hard. Executives, starting with a keynote from ICI President Paul Schott Stevens (see Week in Review, page 6), once again sounded the drumbeat on our industry's resounding, vital importance to the investor, especially on the eve of 77 million Baby Boomers entering retirement. We go to work every day thinking foremost about our fiduciary responsibility, and, surely, want to get it right, for them, for our own families and for ourselves.

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