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Press Release

Monday 30 April 2012

IMA RESPONDS TO KAY REVIEW INTERIM REPORT: ASSET MANAGEMENT INDUSTRY CRUCIAL TO WELL-FUNCTIONING CAPITAL MARKETS

In its response to the interim report of the Kay Review, IMA welcomes the report’s emphasis on the role of the asset management industry, and on the importance of stewardship.  

The response also notes that the capital markets perform an important service for investors by allowing them transparent access to long term investments.

IMA argues that the performance of companies is the responsibility of managements and Boards.  The role of shareholders in exercising their stewardship responsibilities is to hold them to account; shareholders, and by extension the capital markets, do not directly impact performance.

IMA’s response also draws attention to the significance of the relationship between asset managers and their clients.  This relationship means that investment styles are in large measure the result of client preferences, and this needs to be recognised when considering issues such as over-reliance on benchmarks.

Liz Murrall, IMA Director of Corporate Governance and Reporting, said:

“The interim report raises a good many important issues about the operation of capital markets and the importance of good stewardship.  IMA members have demonstrated their commitment to stewardship by signing up to the Stewardship Code, and by their increasing levels of activity.  

We welcome the report’s clear message that capital markets should first and foremost serve the interests of investors and issuers.  And we stress the importance of a proper understanding of the role of asset management within that.”

-ENDS-

Read the IMA’s full response here.

For further information please contact:
Mona Patel, Head of Communications, IMA, 020 7831 0898 or 07834 089332
Christina Bridge, Press Assistant, IMA, 020 7831 0898
Email: press@investmentuk.org

About the Investment Management Association
The IMA is the trade body for the UK's £4 trillion asset management industry.  The money its members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.  Our purpose is to support and promote a commercially successful and growing UK investment management industry as we seek to improve the financial outcomes for customers - savers and investors.
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