EUROPE - The European investment fund body FEFSI has changed its constitution to admit asset management companies as members, and not just national fund associations.

The Fédération Européenne des Fonds et Sociétés d'Investissement said that as of today it would be open to direct membership of fund operators and asset managers.

"Corporate members will have full member status and corresponding voting rights in strategic, financial and personnel-related matters," Brussels-based FEFSI said in a release.

It added that it was "smoothing the way" for its planned merger with the London-based European Asset Management Association. This was "expected to lead to a unified representation of the interests of the investment industry at European level".

"With EAMA's mainly corporate membership and focus on institutional asset management, the anticipated merger of both associations will see the creation of significant synergies," FEFSI added.

The body recognised that the change had closed "a phase of intense discussions" over its future direction, which began when Wolfgang Mansfeld became presidency in June 2002. Mansfeld was not immediately available for comment.

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