Asset managers this week delivered a clear message to the panel of US financial regulators studying whether the industry poses systemic risks: let the Securities and Exchange Commission lead the way.

The Financial Stability Oversight Council, chaired by US Treasury secretary Jacob Lew and which includes members of the Federal Reserve, Securities and Exchange Commission and the Office of the Comptroller of the Currency, is amid a review of what systemic risks the asset management industry may pose, which could result in more stringent regulation for firms. It is a concept the industry has lobbied hard against.