EUROPE – The European Asset Management Association and the Fédération Européenne des Fonds et Sociétés d’Investissement expect their merger to take place by the end of the year.
“The presidents of EAMA and FEFSI, the two European associations for asset and fund management, expect a merger of both organizations by the end of the year 2003,” the two bodies said in a joint statement.
It said that they had reached agreement on the principles of a merger which was “broadly supported” by both associations.
EAMA chairman and Deutsche Asset Management executive Klaus Moessle said the merged body would probably be domiciled in Brussels – to enable it to deal directly and proactively with European legislation.
He said it has not yet been decided who would lead the new organisation, adding that the two presidents were "quite relaxed” about it.
Asset managers would be able to have direct membership to the body, instead of via national associations as at present, he said.
The organisations agreed to discuss the benefits of joining forces in September 2002.
The EAMA’s trade association members include the French, Italian, German, UK Spanish and Irish fund management associations. It has 27 corporate members, including some of the largest names in European asset management.