For Immediate Release: Tuesday 7 October 2003

“Effective representation and leadership” – IMA’s Chairman sets the agenda for the investment management industry.

In a speech today at the Investment Management Association’s Annual Conference, IMA’s Chairman, Lindsay Tomlinson, will set out his plans for the Association under his Chairmanship, and his views on the future of the investment management industry and the IMA’s role in that future.

Mr. Tomlinson says that the IMA acts as not only a provider of a technical service to the industry, but that

“During my term as Chairman I hope that the IMA will do all it can to provide effective representation and leadership through this process”.

On the present state of the investment management industry, he says

“I see investment management as a first generation industry which has enjoyed tremendous growth because of its inherently attractive features, but which has not previously experienced a major downturn.”

“It seems therefore that we are at a crossroads and we have to make some tough choices in the way we respond to criticisms and how we move forward.”

Setting out what he believes the IMA should stand for, Mr. Tomlinson points to the principles which he believes should guide the industry:

• Transparency – the industry’s key strength
• Customer focus - meeting the needs of the consumer
• Professionalism – openness, fairness, value for money, integrity, expertise, going beyond mere compliance with the letter of regulation
• Efficiency – offering clients best value for money
• Responsible stewardship of the nation’s assets
• Accountability – establishing effective dialogue with Government and investee companies and realise that, if we don’t regard ourselves as accountable and act as such, others will impose accountability on us.

Mr Tomlinson’s full speech is attached.

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