He’s learned his lessons well, parlaying a summer job with Wellington into a position with the Securities and Exchange Commission. He later became a partner with Dechert, Price & Rhoads, where one of his clients was Capital. In 1985, Capital invited him to join the company, and he’s been there ever since.

But perhaps his most important leadership training came as chairman, from 2002 to 2004, of the Investment Company Institute (ICI), the national association of the U.S. mutual funds industry. Haaga steered the industry through a series of scandals in which several firms were accused of improper trading. The scandals, coming as they did after widespread improprieties tainted the securities business, shook the mutual funds industry and investor confidence. Into the breach stepped Haaga, who defended the industry but also supported sensible reforms in areas such as late trading and fund governance.