Europe's CESR to look at asset management

EUROPE - The Committee of European Securities Regulators has appointed the chairman of Italy's Consob to head a group looking at investment management.

It said that Lamberto Cardia, head of securities regulator Commissione nazionale per le società e la Borsa, would chair a new 'Expert Group on Investment Management'. He would be assisted by Jarkko Syyrilä of Finnish regulator Rahoitustarkastus, who will also act as rapporteur.

Cardia would develop CESR's new role in the regulation of asset management and collective investment schemes, or UCITS, in Europe.

CESR said: "This will ensure that regulators are better placed to ensure that the rights and obligations of the securities industry of both the 'sell side' and 'buy side' are managed coherently on an EU-wide basis (including both individual and collective asset management)."

A consultative working group of practitioners, consumers and end-users will be set up shortly to aid the expert group.

The move follows a decision by European finance ministers in December 2002 to transfer the responsibilities of the UCITS Contact Committee - which is currently before the European Parliament for approval.

CESR said taking on UCITS "represents a rationalisation of the new regulatory structure for European financial services" under the so-called Lamfalussy process.

CESR added that Fabrice Demarigny's mandate as secretary general has been renewed for a further three years, from January 1 2005.

Meanwhile, recruitment consultants Morgan McKinley said 2004 was likely to see a rise in salaries in the asset management sector.

“In late 2003/2004 we have seen an increment in salaries and vacancies available within investment management, as traditional investment markets and thus fund performance have improved,” said Jeremy Canning, manager of the firm’s asset management division.

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