[23827]
September 30, 2009
TO: BANK, TRUST AND RECORDKEEPER ADVISORY COMMITTEE No. 45-09BROKER/DEALER ADVISORY COMMITTEE No. 54-09 RE: BDAC NAV DELIVERY/DIVIDEND DISTRIBUTION SURVEY RESULTS
The Broker/Dealer Advisory Committee established a NAV Delivery/Dividend Distribution Task Force, co-chaired by John Mari of Janus Capital Group and Kelle Hennier of DST Systems, to assess current practices and recommend improvements to the NAV delivery and dividend distribution process. As part of this initiative, a survey was conducted in order to assess the needs of funds and intermediary participants.
Forty-five companies from the Broker/Dealer Advisory Committee (BDAC) and the Bank, Trust and Recordkeeper Advisory Committee (BTRAC) completed the survey. The survey results, including a list of respondents, are attached for your review and include data collected in July and August 2009.
The information contained in the BDAC NAV Delivery/Dividend Distribution Survey is proprietary and confidential property of the Investment Company Institute (“ICI”). Data collected from each individual firm will remain strictly confidential and only aggregate survey results will be shared. The survey and its contents may be shared with your firm’s employees, agents and fund directors, so long as the firm, its employees and any such agents or directors do not disclose, publish, or otherwise share the survey with other persons without the prior written authorization of the ICI. Notwithstanding anything to the contrary, ICI may from time to time share aggregated survey results with third parties as it deems appropriate.
The ICI solicited data from members for informational purposes only. The aggregate survey results will be discussed at future ICI committee meetings. Institute members, intermediaries and service providers should act independently in making any decisions based on the survey results.
We would like to extend our thanks to John Mari, Kelle Hennier and other BDAC members who are participating on the NAV Delivery/Dividend Distribution Task Force. We would also like to thank those representatives on BDAC and BTRAC that completed the survey. If you have any questions or comments, please contact Kathy Joaquin at 202-326-5930 or at kjoaquin@ici.org.
Kathleen C. Joaquin
Director - Operations & Distribution