New forum causes storm
The European Fund and Asset Management Association says the launch of the rival Forum of European Asset Managers makes “no sense” because it means the industry will have two voices.
The new forum has been set up by 14 large managers and is open to asset and fund managers. The move follows the aborted merger between EFAMA (then known as FEFSI) and the now-defunct European Asset Management Association.
“Is it wise to do lobbying and represent the industry with two voices?” asks Wolfgang Mansfeld, president of the European Fund and Asset Management Association, EFAMA. “It makes no sense. We have told them and they don’t listen.”
FEFSI/EFAMA had been comprised solely of national associations but changed its constitution to allow corporate members. Mansfeld says EFAMA didn’t feel threatened by the new development, with its 35 corporate members and national bodies.
FEAM comprises the chief executives of 14 large pan-European asset managers and says it will focus on investors and single market issues. It will be chaired by Nicolas Moreau, CEO at AXA Investment Managers. Four of the 14 are EFAMA members.
“Despite years of effort, a single market for asset management has not yet fully materialised and it is Europe’s savers who are paying the price in higher costs and restricted choice,” Moreau says.