GLOBAL - The Alternative Investment Management Association (AIMA) has created a smaller managers' group, specifically aimed at members with under $250m (€178m) in assets.

The organisation said its smaller managers' group would serve as a forum of European members within the stated assets under management guideline and would meet regularly to discuss various issues such as regulation and due diligence.

In its first meeting earlier this month, it appointed Jim Kandunias, principal of Esemplia Emerging Markets, as its chairman.

Andrew Baker, chief executive of AIMA, stressed the importance of smaller members to the organisation.

"More than half of our manager members globally have $250m or less in assets under management. The new smaller managers' group will help us to represent their interests in the most relevant and constructive way possible," he added.

Kandunias said, it was an honour to be part of AIMA's latest project. "Our industry and its future growth depend on a healthy and vibrant group of smaller managers," he continued, stressing the new group symbolised AIMA's recognition of their importance.

AIMA co-founded the Chartered Alternative Investment Analyst (CAIA) designation, a certification similar to the chartered financial analyst certificate.

The global association aims to influence policy development and to maintain relationships with regulators for the benefit of its members.