Asset managers get together
Europe is to have its first asset management association, with the inaugural meeting scheduled for October 9.
Pierre Bollon, director of the French asset management body AFG-ASFFI, says the lack of an officially representative federation for asset managers running institutional money under the form of investment mandates, prompted the setting up the group.
“For two years we have had a forum called the European Platform for Asset Management, functioning between ourselves, the UK Fund Management Association (FMA) and the Irish Association of Investment Managers. Spain’s Inverco and Italy’s Assogestione have also been observers.”
Bollon says the forum lobbied former DGXV commissioner Mario Monti on issues such as the prudent person rule and currency matching issues. “However, what will happen at the October general assembly is the creation of a defined organisation, moving away from the previous informal approach, for which the preliminary title is the European Asset Managers Association. It is not clear yet whether Inverco and Assogestione will be full members from the start, but we expect they will join along with the Portugese fund management body.”
A president for the association has yet to be decided, although Alain Leclair, president of AFG-ASFFI is unlikely to double up with his leadership of FEFSI, according to Bollon.
The association will consist of two types of members, country associations and corporate fund managers from the continent’s largest investment companies, of which 10 have already put their names forward, he says.
“The primary role of the association will be to follow and anticipate EC regulations which affect the asset management market, such as pension reform and proposed changes to the Investment Services Directive. Essentially it will be a strategic watchdog and lobbying group for Europe’s asset managers,” says Bollon.