For immediate release: Monday 4 November 2002

Asset Management in the Spotlight

 Talk by Dick Saunders, Chief Executive, IMA
Investment Management Conference – 4 November 2002

Delegates attending the first day of the Investment Management Conference heard IMA Chief Executive, Richard Saunders, put forward IMA’s ambition to develop an effective voice for the ‘buy’ side of the investment industry.

“We need to be sure the buy side voice is heard on regulatory issues concerning the way asset managers operate.  We need also a more effective buy side voice in issues of market structure – traditionally any of those discussions have been driven by the sell side, not the buy side. … Ultimately, asset managers are stewards of other people’s money, whether through their pensions, their insurance schemes or through their savings.  And it is on the behalf of those consumers that an effective buy side voice is needed.”

Earlier he outlined two principles that guide the IMA.  The first is the importance of the asset management industry to the UK.  The second is the promotion of mutual funds as the natural vehicle for investors to use.  But he acknowledged that the immediate challenge for the industry is to cope with some of the worst market conditions for 30 years, whilst dealing with the many issues raised by the authorities; from the Myners and Sandler Reports, over 150 consultation papers from the FSA, as well as the 40 legislative measures to come out of the EU Financial Services Action Plan. 

He noted that the Government and asset management industry share a similar set of objectives and so should be able to work together constructively.  But if the industry wants the support of Government, then it has to pay attention to the Government’s agenda and be ready to acknowledge where it (the industry) can do better.  

“It is therefore incumbent on the industry to make sure that it addresses these issues, introduces reform where reform is sensible, while avoiding change for its own sake where it is not warranted.  That is the challenge for the industry.”

Major change is under way at the European level and although this may not be as widely realised as it should be, it is going to become increasingly apparent over the coming months and years.  The IMA’s objective in this is to develop an approach to the single market that is business-driven and not bureaucracy-driven.  There are real opportunities opening up for UK asset managers in Europe.  The IMA needs to create the climate in which its members can conduct their business effectively.

The full text of the speech can be found here.

For further information, please contact:

Clare Arber, Head of Communications, IMA, 020 7831 0898
Helen Stephenson, Communications Officer, IMA, 020 7831 0898

65 Kingsway London WC2B 6TD 

Tel: +44 (0) 20 7831 0898 Fax:+44 (0) 20 7831 9975 

www.investmentuk.org 

Investment Management Association is a company limited by guarantee registered in England and Wales Registered number 4343737.  Registered office as above.