EUROPE - Elizabeth Corley, chief executive of Allianz Global Investors Europe, has been appointed chairman of the Forum of European Asset Managers, FEAM.

She'll take over from Nicolas Moreau, the outgoing CEO of AXA Investment Managers. IPE reported last week that an announcement was imminent.

FEAM emerged after the failed merger between the now defunct European Asset Management Association and investment fund association FEFSI, now known as EFAMA (the European Fund and Asset Management Association).

The launch of FEAM had led to some bad blood, with EFAMA saying the move made no sense and meant the industry would be speaking with two voices.

Now FEAM, primarily comprised of asset management firms' CEOs, says it is "complementary" to EFAMA.

"The coming year will be an important one for asset managers in Europe, as we anticipate the continuing development of policy proposals for the industry by the European Commission," Corley said in a statement.

"Asset managers play a crucial role in the management of savings and pensions money for individuals across Europe and this responsibility is likely to rise as the dependency on state provision declines."

Former Merrill Lynch Investment Managers managing director Corley joined AGI in April last year, taking over from Johann Goldbrunner.