A new body for investment professionals in the UK has been formed through the merger of the Institute of Investment Management and Research(IIMR) with over 4,000 members and the 600-strong London Society of Investment Professionals (LSIP). The new grouping the UK Society of Investment Professionals will come into being after extraordinary meetings of the two existing bodies later this month to approve the merger.
The move followed a survey among IIMR members, in which over half of respondents said the Chartered Financial Analyst (CFA) qualification would provide them with a better ‘passport’ for their future career development than the qualifications offered through the institute. The CFA qualification is obtained by members of LSIP, which is the London-based society of the Association of Investment Management and Research, which develops and administers the CFA designation .
Over 2,000 are presently enrolled in the UK on the CFA programme. A record 74,000 candidates from 135 countries have registered for these examinations. The IIMR administers the Investment Management Certificate examination in the UK, which is the mandatory test of competence required by law(?) and the first part of the institute’s associate examination. More than 2,000 candidates take the certificate examination each year.
IIMR chairman Dugald Eadie of Henderson Investors wrote to members that “the CFA qualification is now truly global and will meet the requirements of both UK professionals and their employers”. All future students would study for the CFA designation, which is recognised by the ‘buy’ and ‘sell’ side of the investment profession. There would be transition arrangements for existing IIMR students and recently qualified associates. “Associates will be able to cross-qualify as CFA charterholders by progressing directly to level two of the CFA programme.”
He added that the changes would remove the present confusion among employers on which qualification was most appropriate.
Welcoming the merger, LSIP president John Stannard of Frank Russell said the outcome validated the society’s members decision to go the CFA route. “And it heightens awareness in the UK for this qualification,” he added. “Our members will remain within the AIMR network of societies but will become part of a larger, more credible and more influential UK-based organisation representing UK investment professionals.” The move carried the full support of AIMR, he told members. Fennell Betson