FEFSI and EAMA consider merging
EUROPE- Europe’s most powerful trade organisations in the fund management industry are exploring the possibility of merging. The European Asset Management Association (EAMA) and Brussels-based Fédération Européenne des Fonds et Sociétés d’Investissement (FEFSI) have agreed to formally discuss the benefits of joining forces.
EAMA has already formed a group, designed to negotiate any possible merger, that comprises Donald Brydon, of Axa Investment Management and a former EAMA president, Klaus Moessle, president of EAMA and head of Deutsche AM in Germany, and Alain Leclair, head of the French mutual fund association. The three will represent EAMA’s 34 members – five trade associations and 29 corporate bodies. FEFSI is expected to organise its committee in October to represent 21 members.
Demands for a stronger voice to represent fund managers in Europe have recently been made by industry leaders, amid concerns that regulations and legislations could be imposed out of Brussels that will damage fund managers’ business.
EAMA and FEFSI are seeking a bigger say in the numerous directives being revised or enacted in Brussels, such as the UCITS directive, the investment services directive, market abuse directive and the capital adequacy directive.
Says Michael Haag, general secretary at EAMA: “FEFSI and EAMA look at many of the same issues. We have the similar concerns. Combined, we can provide a source of strength by speaking as one voice rather than two.”
Both parties are reportedly keen to come to a decision as soon as possible, and it is estimated that a merger, if chosen, will take place before the end of the year.