Converging Pressures, Emerging Solutions: What’s Ahead at ICI’s Tax and Accounting Conference
Behind every successful fund launch, every accurate daily NAV calculation, and every seamless dividend or tax calculation lies the meticulous work of accounting and tax professionals. These are the stewards who ensure the operational backbone of the regulated funds industry remains strong, adaptable, and focused on the investor.
That expertise takes center stage at ICI’s Tax and Accounting Conference, convening October 5th through the 8th in Palm Desert, California. The event will bring together accountants, treasurers, tax professionals, auditors, and service providers to address the new product trends and operational complexities reshaping how funds serve investors.
ETF Trends and Share Class Reform: Operation Readiness at the Finish Line
The industry has reached a watershed moment with the SEC’s announcement Monday that it intends to grant exemptive relief to offer ETF share classes. This marks the first approval among more than 70 share-class applications pending before the SEC. As fund complexes race to achieve operational readiness, this decision opens the door for what could be one of the most significant product innovations in years.
The operational implications extend far beyond product development. Tax-free conversion mechanics, NAV oversight procedures, reporting workflows, and system infrastructure all require fundamental reimagining. These are not theoretical challenges—they demand practical solutions from the professionals who will implement them.
Conference sessions will examine the accounting and tax complexities that make ETF share classes both promising and challenging. From transfer agency systems to regulatory reporting, the devil is in the operational details that can make or break successful implementation. As ETF trends continue to evolve, we’ve included a general panel on ETF trends and a breakfast session on ETF tax issues.
Private Assets: Square Pegs and Round Holes
The democratization of private markets represents another frontier where operational excellence will determine success. As private credit, real estate, and other alternative strategies increasingly find their way into registered funds, accounting and valuation professionals face unprecedented challenges.
The core issue is fundamental: registered funds were built for publicly traded securities with daily pricing, transparent markets, and standardized reporting. Private assets operate on quarterly valuations, limited liquidity, and complex structures that challenge every assumption underlying traditional fund administration.
ICI is developing new frameworks to help navigate these complexities, building on the work of working groups that are examining best practices for private asset valuation in daily-priced funds. The operational solutions emerging from this work will shape how the industry adapts traditional fund structures to accommodate non-traditional assets.
Technology and the Post-Manual World
Artificial intelligence and automation are reshaping fund administration, creating opportunities to enhance efficiency while raising new questions about controls, oversight, and risk management. The promise is significant: reduced manual processes, enhanced accuracy, and the ability to handle growing complexity without proportional increases in operational costs.
The reality is more nuanced. Implementing new technology requires careful consideration of internal controls, audit trails, and regulatory compliance. As funds embrace more technology to enhance oversight than ever before, accounting and tax professionals must ensure that efficiency gains don't compromise the accuracy and oversight that underpin investor confidence.
The Human Factor: Ethics, Leadership, and Purpose
Amid technological transformation and regulatory complexity, the conference will spotlight the human dimension of fund administration and tax. Keynote speaker Cynthia Cooper, whose courage in exposing the WorldCom fraud exemplifies the highest standards of professional integrity, will address the ethical foundations that guide the profession. Christina Ho, PCAOB board member, and Jody Jonsson, Vice Chair of Capital Group, will also add their perspectives on the future of the accounting profession and the broader asset management industry, respectively, in today’s evolving landscape.
The work of tax and accounting professionals often operates behind the scenes, but its impact on individual investors is profound. Every operational improvement, every compliance enhancement, and every technological advancement ultimately serves the millions of Americans building financial security through fund investments.
The conference will balance substantive technical content with the networking and community-building that strengthen professional relationships. The return of the popular tax and accounting game show highlights how the industry combines serious professional development with collegiality. Join us right after Wednesday opening remarks to watch as last year’s champion, Fidelity’s Marc Spector, dons the gold jacket to host our crop of new challengers, who will compete in a format that makes complex technical knowledge both engaging and memorable.
A Gathering for the Backbone of the Industry
The Tax and Accounting Conference serves a specialized but essential audience: the professionals who ensure that fund operations meet the highest standards of accuracy, compliance, and investor protection. Their work may not capture headlines, but it forms the foundation upon which the entire industry builds.
As funds navigate ETF share class implementation, more private assets in retail funds, technological transformation, and regulatory evolution, the expertise of tax and accounting professionals becomes more valuable than ever. The conference provides a forum for these professionals to share insights, address challenges, and prepare for an industry future that depends on their operational excellence.
In an era of rapid change and growing complexity, this annual gathering of fund administration's finest couldn't come at a more crucial time.