Monday 29 October 2001

AUTIF AND FMA ANNOUNCE MERGER TALKS

The Association of Unit Trusts and Investment Funds (AUTIF) and the Fund Managers’ Association (FMA) announce that they are in talks with a view to merging the two organisations.  A period of consultation, including meetings with members, will now take place before formal proposals are circulated.  The present intention is that, subject to the approval of both sets of members, the merger should take effect early in 2002.

Lindsay Tomlinson, Chairman of FMA, said:

“Bringing together our two Associations should significantly enhance our influence and our effectiveness on public policy issues of concern to fund managers. We have good working relations already in our many areas of common interest, and a full merger is the logical next step."

Alan Burton, Chairman of AUTIF, said:

“Both Associations have been very successful in recent years in achieving their objectives.  It will be important to safeguard the distinctive approaches that have brought that about, and maintain the high levels of service which members have become used to, at the same time as reaping the benefits of the merger.  We will be consulting therefore on proposals to do that.”

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For further information please contact:

Anne McMeehan/Clare Arber, AUTIF, 020 7831 0898
Hugh Simpson, LLM Communications (for FMA), 020 7437 1122

Notes to Editors:

AUTIF represents the managers of authorised unit trusts and open-ended investment companies in the UK.  Its members account for some 99 per cent of the industry by funds under management – total of £213 billion at the end of September 2001.  FMA represents over 70 of the leading fund managers based in the United Kingdom who manage funds in excess of £2,200 billion including those funds represented by AUTIF members.