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Spotlight on Asset Management Advisory Committee (AMAC)

AMAC banner

The committee was formed to provide the Commission with diverse perspectives on asset management and related advice and recommendations. Topics the committee may address include trends and developments affecting investors and market participants, the effects of globalization, and changes in the role of technology and service providers. The committee is comprised of a group of outside experts, including individuals representing the views of retail and institutional investors, small and large funds, intermediaries, and other market participants.

If you are interested in serving on the Asset Management Advisory Committee, please email a letter of interest with applicable information about your relevant experience here.

Committee Members


Edward Bernard, Committee Chairman
T. Rowe Price
John Bajkowski
American Association of Individual Investors
Jane Carten
Saturna Capital
Scot Draeger
R.M. Davis Inc.
Mike Durbin
Fidelity Institutional
Gilbert Garcia
Garcia Hamilton & Associates
Paul Greff
Ohio Public Employees Retirement System
Rich Hall
The University of Texas/Texas A&M Investment Management Co.
Adeel Jivraj
Ernst & Young LLP
Renee LaRoche-Morris
State Street Corporation
Susan McGee
Goldman Sachs BDC, Inc.
Jeffrey Ptak
Morningstar Research Services
Erik Sirri
Babson College and Natixis Funds, Loomis Sayles Funds, and Natixis ETFs
Aye Soe
S&P Dow Jones Indices
Rama Subramaniam
GTS
John Suydam
Apollo Global Management
Russ Wermers
Smith School of Business, University of Maryland, and Wermers Consulting LLC
Joe Savage
FINRA (non-voting)

Recommendations of the Asset Management Advisory Committee


Final Recommendations for Evolution of Advice

Final Report and Recommendations for Small Advisers and Funds

Final Report and Recommendations for Private Investments

Recommendations for ESG

Report and Recommendations on Diversity and Inclusion in the Asset Management Industry

Recommendations Regarding COVID-19 Volatility: Exchange-Traded Products

Recommendations Regarding COVID-19 Operational Issues

Email Updates

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News


Staff FAQ Relating to Investment Adviser Consideration of DEI Factors
October 12, 2022

SEC Issues Agendas for October 28 and November 3 Meetings of the Asset Management Advisory Committee
October 26, 2021

SEC Issues Agenda for Sept. 27 Meeting of the Asset Management Advisory Committee
September 23, 2021

SEC Issues Agenda for July 7 Meeting of the Asset Management Advisory Committee
July 2, 2021

SEC Issues Agenda for March 19 Meeting of the Asset Management Advisory Committee
March 17, 2021

SEC Issues Agenda for Dec. 1 Meeting of the Asset Management Advisory Committee
November 25, 2020

SEC Announces New Asset Management Advisory Committee Member
November 4, 2020

SEC Issues Agenda for Nov. 5 Special Meeting of the Asset Management Advisory Committee
October 29, 2020

SEC Issues Agenda for September 16 Meeting of the Asset Management Advisory Committee
September 11, 2020

SEC Issues Agenda for July 16 Special Meeting of the Asset Management Advisory Committee
July 8, 2020

SEC Issues Agenda for May 27 Meeting of the Asset Management Advisory Committee
May 21, 2020

SEC Issues Agenda for Inaugural Meeting of the Asset Management Advisory Committee
January 9, 2020

SEC Announces the Formation of Asset Management Advisory Committee
October 9, 2019

Organization


Notice – Establishment of Committee

Charter

Bylaws

Subcommittees

Meetings


November 3, 2021

Meeting Notice

Sunshine Act Notice

Press Release and Agenda

Webcast Archive

Transcript of Meeting

Minutes

Background Materials

  • Report and Recommendations on Regulatory Approach for Small Advisers and Funds
  • Recommendations of the Evolution of Advice Subcommittee

October 28, 2021

Meeting Notice

Sunshine Act Notice

Press Release and Agenda

Webcast Archive

Transcript of Meeting

Minutes

Background Materials

  • Evolution of Advice Subcommittee Presentation
  • Personetics Autonomous Finance Presentation
  • Draft Observations and Recommendations of the Small Advisers and Small Funds subcommittee
  • Panelist Bios

September  27, 2021

Meeting Notice

Sunshine Act Notice

Agenda

Webcast Archive - Part 1

Webcast Archive - Part 2

Transcript of Meeting

Minutes

Background Materials

  • Final Report and Recommendations of the Private Investments Subcommittee (draft)
  • IAA Presentation by Karen Barr and Gail Bernstein
  • Cramer Rosenthal McGlynn Presentation by Steven Yadegari
  • Ultimus – Strengths of Series Trusts Presentation by Dave Carson
  • Technology and Big Data: Effects on Asset Managers Economies of Scale Presentation by Russ Wermers
  • Evolution of Advice Subcommittee Presentation
  • Panelist Bios

July 7, 2021

Meeting Notice

Sunshine Act Notice

Agenda

Webcast Archive - Part 1

Webcast Archive - Part 2

Transcript of Meeting

Minutes

Background Materials

  • Recommendations of the Diversity and Inclusion Subcommittee of AMAC
  • Ethic Inc Presentation
  • eMoney Presentation
  • Recommendations of the ESG Subcommittee of AMAC
  • Interim Report of Subcommittee on Private Investments
  • Panelist Bios
  • Kitces Presentation

March 19, 2021

Meeting Notice

Sunshine Act Notice

Agenda

Webcast Archive

Transcript of Meeting

MInutes

Background Materials

  • Panelist Bios
  • Private Investments Meeting Slides

December 1, 2020

Meeting Notice

Sunshine Act Notice

Agenda

Webcast Archive

Transcript of Meeting

Minutes

Background Materials

  • Panelist Bios
  • Update from the ESG Subcommittee
  • Potential Recommendations of the ESG Subcommittee
  • Summary Draft: Preliminary Recommendations of ESG Subcommittee for the AMAC
  • Update from the Private Investments Subcommittee

Additional Background Materials

  • Letter from Chairman Jay Clayton to the Chairman of the Asset Management Advisory Committee and the Chair of the Private Investments Subcommittee
  • 10/15/2020 SASB SEC AMAC ESG Subcommittee FINAL

November 5, 2020

Meeting Notice

Sunshine Act Notice

Agenda

Webcast Archive

Transcript of Meeting

Minutes

Background Materials

  • Preliminary Recommendations of the Operations Panel Regarding COVID-19 Operational Issues

September 16, 2020

Meeting Notice

Sunshine Act Notice

Agenda

Webcast Archive

Transcript of Meeting

Minutes

Background Materials

  • Panelist Bios
  • Update from the ESG Subcommittee
  • Update from the Private Investments Subcommittee
  • Memorandum – Academic Literature on Potential Benefits for Portfolio Efficiency of Private Equity Investments
  • Cambridge Associates – Private Investments
  • Hamilton Lane - Presentation
  • Prof. Lerner – Remarks to the SEC Asset Management Advisory Committee Private Investments Subcommittee
  • Prof. Phalippou – Track Record Marketing in Private Equity
  • Illinois State Treasurer – Presentation
  • Exchange-Traded Products Panel – Preliminary Recommendation
  • Operations Panel – COVID-19 Related Operational Issues

July 16, 2020

Meeting Notice

Sunshine Act Notice

Agenda

Webcast Archive

Transcript of Meeting

Minutes

Background Materials

  • Panelist Bios
  • Orion – Technology’s Role in the Evolution of Investment Advice
  • Schwab – Deconstruction of Advice: Perspective of an Entrepreneur

Additional Background Materials

  • Study: Race Influences Professional Investors’ Financial Judgments (May 2019)
  • GAO Report: Investment Management – Key Practices Could Provide More Options for Federal Entities and Opportunities for Minority- and Women-Owned Asset Managers (September 2017)
  • Study: Diverse Asset Management Project Firm Assessment (Final Report May 2017)
  • Study: 2018 Diverse Asset Management Firm Assessment (Final Report January 2019)
  • Study: Diversity of Asset Managers in Philanthropy (February 2020)
  • Study: Intolerance of Failure? Evidence from U.S. Private Equity (Final Report January 2019)
  • Raben Group Diverse Asset Managers Initiative Information: Annual Investment Consultant Survey (2018)
  • Raben Group Diverse Asset Managers Initiative Information: Annual Investment Consultant Survey (2019)
  • Raben Group Diverse Asset Managers Initiative Information: Fiduciary Guide to Investing with Diverse Asset Managers and Firms (April 2017)
  • Letter from NASP et al. to Treasury Secretary Mnuchin et al. (April 2020)
  • Letter from NAIC to Chairwoman Maxine Waters, U.S. House Committee on Financial Services (June 2019)
  • Draft Bill for Diverse Investment Advisers Act (March 2020)
  • NASP Public Policy Priorities
  • Letter from NASP to California Public Employees Retirement System (January 2020)
  • Ronald C. Parker, NASP, Statement before the U.S. House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets (June 2020)

May 27, 2020

Meeting Notice

Sunshine Act Notice

Agenda

Webcast Archive Part 1

Webcast Archive Part 2

Transcript of Meeting

Minutes

Background Materials

  • Update from the ESG Subcommittee
  • Update from the Private Investments Subcommittee
  • CaseyQuirk – Asset Management’s Pandemic Response
  • ICI – Fund Flows During COVID-19
  • PIMCO – Taxonomy of a Crisis

January 14, 2020

Meeting Notice

Sunshine Act Notice

Agenda

Webcast Archive

Transcript of Meeting

Minutes

Background Materials

  • CaseyQuirk -- Remarks and Discussion
  • Empirical Research – Issues Facing U.S. Money Management Industry
  • McKinsey & Company – Global Trends in Asset Management
  • Key Global Regulatory Themes in Fund Management in the 2020s: A Personal Perspective
  • Apollo Global Management – SEC Asset Management Advisory Committee Presentation
  • Blackstone – Expanding Retail Access to Private Markets

Public Comments


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Modified: Oct. 13, 2022

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