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Press Release

For immediate release: Thursday 14 July 2005


The European Commission Green Paper on the future of asset management, published today, is an important step towards cutting costs and enhancing the efficiency of the European asset management industry according to the Investment Management Association.  By recommending incremental steps to eliminate the barriers to a single market the Commission has chosen the best possible option for both investors and managers.

Sheila Nicoll, Deputy Chief Executive of the IMA commented:
" The investment funds industry in Europe is frustrated by barriers to cross-border business, with the additional costs to managers and investors that those barriers bring.  Over 2 years ago IMA suggested that savings of up to £100,000 for the average pension could be achieved if the single market for investment funds in Europe worked efficiently.  We also identified a number of focused, realistically achievable steps to enhance the single market and these are all outlined in today's publication.
Simplifying the registration process, allowing funds to be merged and avoiding duplication through the use of cross-border pooling techniques would go a long way to achieving the significant economies of scale we identified back in 2003. 
We are keen to continue to help the Commission progress their proposals as quickly as possible.  A recent report by IMA and EFAMA recommended specific actions that can be taken to streamline the registration process to reduce the steps firms have to take in order to be able to market their funds in other countries.  IMA will also shortly be publishing proposals on how best to achieve the pooling of funds." 

For further information, please contact:
Helen Stephenson, Communications Officer, IMA, 020 7831 0898
Out of hours contact:
Mona Patel, Head of Communications, IMA, 07834 089 332
Notes to Editors
1.  The European Commission Green Paper "Enhancing the EU framework for investment funds" was published as a requirement under Article 2 of Directive 2001/108/EC and evaluates the impact of European legislation which was put in place to support the development of UCITS in the European market place.
2.  In May 2003 IMA published "Towards a Single European Market in Asset Management", an examination of the obstacles to greater competition in the provision of savings products by asset managers.
3.  IMA and EFAMA (the European Fund and Asset Managers' Association) published "A harmonised, simplified approach to UCITS registration" on 26 April 2005.

Investment management association