On June 5, 2025, the SEC's Division of Investment Management hosted its third annual Conference on Emerging Trends in Asset Management, including a panel of former Directors of the Division of Investment Management, who discussed the massive expansion and evolution of the multi-trillion-dollar investment management industry activities over the past several decades, technology innovation, globalization challenges, compliance institutionalization, governance reforms, and regulatory development, including those responding to the 2008 financial crisis. Other panels focused on digital assets and tokenization, innovation in registered funds and the growth of ETFs, and retail access to private markets. An archive of the webcast can be viewed at https://www.sec.gov/newsroom/meetings-events/2025-conference-emerging-trends-asset-management.