Dan Waters, previously asset manager sector leader for the FSA, is to manager a new organisation focused on the global fund industry.

ICI Global, launched by the Investment Company Institute, will focus on regulatory, market and other issues for their managers and investors. Based in London, the body’s members will include regulated US and non-US global funds.

“ICI Global will seek to advance the common interests and promote public understanding of global investment funds, their managers, and their investors as market and regulatory issues increasingly cross borders,” said Paul Schott Stevens, ICI president and chief executive officer.

Waters has been appointed managing director, while European head of JP Morgan Asset Management, Jamie Broderick will chair the steering committee.

According to ICI Global, a number of international fund management groups have already expressed interest in joining the body. These include Goldman Sachs Asset Management, Invesco Ltd, JP Morgan Asset Management and Vanguard.

“Global funds and fund managers face a complex array of regulatory and policy challenges,” Waters said. “Finding appropriate global solutions for these challenges requires the capacity to look beyond national and regional approaches to focus on genuine, value-adding global answers. ICI Global is uniquely placed to take up this challenge. I am absolutely delighted to be leading this exciting and important work.”