For Immediate Release: Thursday 6 May 2004
Moving towards a single European market for asset management
The Asset Management Expert Group report, published today under the auspices of the European Commission, explicitly recognises the importance of asset management as a distinct sector. Such recognition, coupled with the industry's desire to create a genuine single market, is a critical step to breaking down existing barriers to a European single market in asset management and introducing a truly competitive marketplace.
The Investment Management Association (IMA) welcomes the further recognition that the investment fund industry is a high growth sector which would benefit from a flexible regulatory regime capable of responding to market developments and customer need. The report prioritises the key improvements needed in order to allow the asset management industry to work more effectively across borders. The IMA is already working in three of these areas: registration of funds, recognition of asset pooling techniques and facilitation of cross-border mergers.
Sheila Nicoll, Deputy Chief Executive said,
"With the placing of asset management centre stage it is important not to lose the momentum for the move towards a single market for asset management. The industry is keen to work on creating the key drivers for successful pan-European asset management which must be rooted in the fundamental principles of transparency and appropriate investor protection. We look forward to working closely with the Commission and others in driving this agenda forward."
For further information, please contact:
Helen Stephenson, Communications Officer, IMA, 020 7831 0898
Out of hours contact:
Mona Patel, Head of Communications, IMA, 07834 089332
Notes to Editors:
1. The Asset Management Expert Group was one of four groups set up to report on the state of financial integration following the Financial Services Action Plan. The other Expert Group reports cover banking, insurance and securities. A copy of the Asset Management Report and Executive Summaries of all four reports are attached.