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Published articles 2008

Financial Times - Letter to the Editor

Sir, "We will do everything necessary." So say governments, almost everywhere in every language. But "everything necessary" for what? What problem are we collectively trying to solve? I confess I have lost the plot. Pray the authorities have not.

Robert Jenkins, Chairman
December 2008

Financial Times - What are savers to do?

What are savers to do?  Interest rates are at their lowest for 50 years.  The housing market continues to slide.  And a massive heart attack in the financial markets has laid waste to equities, at least for now.

Richard Saunders, Chief Executive
December 2008

Money Marketing - Commentary on Statistics

Up until last year, IMA's monthly and quarterly statistics showed net inflows to all types of funds; funds under management growing year on year; and net sales of equity funds, which include property funds, outselling any other asset class. 

Mona Patel, Head of Communications
November 2008

FTfm Talking Head - ten lessons

It is too early to predict an end to the turmoil. It is never too late to apply lessons learned.

Robert Jenkins, Chairman
October 2008

Financial Adviser - Structured Products

Four weeks ago the Daily Telegraph published a little article I had written suggesting that the disclosures around structured products are not up to the same standard as those for mutual funds.  What a lot has happened since.

Richard Saunders, Chief Executive
October 2008

Investment Adviser - Structural Failure

Many would design their own investments upon the following lines: to reduce or remove risk; enhance and maximise returns; and minimise or take out all fees and commissions.  Intelligent structured investments come close to delivering the approach that investors would choose for themselves.

Richard Saunders, Chief Executive
October 2008

Money Marketing - Commentary on Reduction in Yield

In case it passed you by over the summer, the Financial Services Authority has used one of its snappily titled "Quarterly consultations" to try and make the case for retaining the Reduction in Yield (RIY) figure to show consumers how much an investment costs. 

Mona Patel, Head of Communications
October 2008

Daily Telegraph - Fundamentalist Article

In turbulent times we all need some shelter from the financial market weather. Recent years have seen not only strong growth in the traditional safe havens of bonds and cash, but also the newest kids on the block: structured products.

Richard Saunders, Chief Executive
September 2008

Money Marketing - The IMA Great British Investors Survey Report

IMA surveyed almost 3500 retail investors in May to find out what they thought about current market conditions and how, if at all, it had affected them - we surveyed a range of investors ranging from those who consider themselves sophisticated to those who have limited financial knowledge. 

Mona Patel, Head of Communications
September 2008

Financial Times - Letter to the Editor

The interim report by Sir James Crosby on the current state of mortgage finance is well written and well timed. His warning that solutions will be neither easy nor quick is sad but true.

Robert Jenkins, Chairman
August 2008

Money Marketing - Commentary on Changes to IMA Fixed Income Sectors

For those of you who have been eagerly awaiting the outcome of the review of the IMA Fixed Income Sectors, the wait is over.

Mona Patel, Head of Communications
July 2008

The Times - Letter to the Editor

Dear Chancellor,

Credit is in short supply these days - literally and figuratively. As the market struggles with "the great unwind" the bankers at the source of the fiasco point the finger at everyone but themselves. The UK authorities have proven particularly juicy targets.

Robert Jenkins, Chairman
July 2008

Financial Times - The banks are bust but don't tell anybody!

With two reforms in the pipeline - a beefed up depositor protection system and special powers to deal with failing banks - the Chancellor was on track to repair a damaged system.   

Robert Jenkins, Chairman
July 2008

Financial Times - Letter to the Editor

As you will be aware, a number of private equity buyers have bought billions of bad bank assets - on the condition that the same banks lend them the money to do so. One newspaper referred to this latest feat of finance as smoke and mirrors.  

Robert Jenkins, Chairman
June 2008

Professional Adviser - Letter to the Editor

Inflation?  George Bush in London?  John Gieve's departure from the Bank?  No, last week's "Professional Adviser" undoubtedly had the headline of the week for me:

"Structured Products Committee formed with call for comparable ‘IMA' sector".

Richard Saunders, Chief Executive
June 2008

FTfm - Talking Head

As we approach the first anniversary of the global credit crunch a few things are becoming clearer.  In a few weeks IMA will be publishing its latest survey of the UK industry.  This will identify some of the longer term effects of the credit crunch (or maybe liquidity squeeze).

Richard Saunders, Chief Executive
June 2008

Complinet - Data, data everywhere but not a drop to drink

Post-trade transparency in equities in the UK - in the eyes of a buyside equity dealer, the frustration and cost it brings arguably outweigh the current impact of the liquidity crisis. And if you think that is hyperbole, I assure you it is not, and that it will impact you at some point if you have an investment or a pension.

Guy Sears, Director, Wholesale
June 2008

Professional Pensions - Local Government Pension Scheme Investment

Will the findings of the Chartered Institute of Public Finance and Accountancy (CIPFA) survey of LGPS practitioners provide the catalyst for the Government to review the LGPS Investment Regulations? 

Christiane Valansot, General Counsel
June 2008

Professional Pensions - How to make a success of Personal Accounts

With the consultation on charging structures, the Personal Accounts Delivery Authority (PADA) has begun a series of detailed public discussions about how Personal Accounts should be set up.

Jonathan Lipkin, Head of Research
May 2008

Investment Adviser - IMA Sector Classification

It is no secret that IMA sectors are subject to criticism from time to time and they have been generating a lot of attention recently. The last few months have seen the IMA receive an influx of suggestions to change sector definitions, close down sectors, and create new sectors.

Jane Lowe, Director, Markets
May 2008

The Evening Standard - Letter to the Editor

In his column ("Don't blame us for the savings gap", Wednesday 14th May), Anthony Hilton states that, even in periods when the stock market rises, the average return on investors' savings is less than half the improvement in the market.

Robert Jenkins, Chairman
May 2008

Professional Pensions - More Choice for Retirement Income

With the need for people to start saving for their retirement becoming increasingly urgent, the Government has had to adopt a radical approach in order to try and encourage the UK to become a nation of savers

Jonathan Lipkin, Head of Research
April 2008

Professional Pensions - The Way Ahead

Looking to the future it is clear that pension provision is going to look very different from today.  Over the last few years we have already begun to witness the long term growth of defined contribution (DC) schemes and the steady decline of defined benefit (DB) schemes

Mona Patel, Head of Communications
April 2008

Money Marketing - Commentary on IMA Sectors

The clamour for sector changes seems to have reached a crescendo recently with lots of suggestions being fired in IMA's direction.  These include calls for definition changes, new sectors and wholesale reviews.

Mona Patel, Head of Communications
April 2008

Financial News - Credit Crisis

Will the Bank of England facility facilitate the flow of banking liquidity? Will a boost to banking liquidity address the current credit crisis? Are we solving a problem or prolonging one?

Robert Jenkins, Chairman
April 2008

Financial Times - IMA Reaction to Budget

The Investment Management Association (IMA) and asset management industry have much to welcome in today's Budget.

Julie Patterson, Director - Authorised Funds and Taxation
March 2008

FTfm - Time for a rethink on annuities

Probably the last thing Chancellor Alistair Darling wants is more advice about what to put in his first Budget later this week.  But there is one issue which is too important to let lie.

Richard Saunders, Chief Executive
March 2008

Professional Pensions - Pensions Bill

The seemingly never-ending story of personal accounts moved on a stage in January as the bandwagon rolled into the next stop - House of Commons Committee Stage.

Mona Patel, Head of Communications
March 2008

Money Marketing - Greater Flexibility and Choice for Retirement Income

Much of the debate around pensions has focused on the savings side - how much should individuals save for retirement and where and how should they save it?  But there has been little attention paid to what happens once people retire

Mona Patel, Head of Communications
March 2008

Professional Pensions - Meat or Bitter Poison?

Lucretius made the point in his philosophical poem that ‘what is food to one, is poison to another'. Broadly, he related the different reactions to substances to the differing composition and structure of different animals.

Guy Sears, Director, Wholesale
February 2008

Financial Times - Letter to the Editor

Sir, John Dizard ("Mark-to-market requirements turn into Doomsday machine", FT fm, February 25) argues that the relentless application of mark-to-market in today's fragile financial environment risks systemic meltdown. 

Robert Jenkins, Chairman
February 2008

Financial Times - Letter to the Editor

Has the European Commission lost faith in Europe? Five years ago Brussels launched a review of the rules governing the management and distribution of funds within Europe.

Robert Jenkins, Chairman
February 2008

Money Marketing - Investment Fund Annual Stats

If you'd read the headlines about the investment funds' industry sales for December you'd be forgiven for thinking everything was doom and gloom and that investors were selling up hand over fist.  Not so.

Mona Patel, Head of Communications
February 2008

FTfm - Hedge Funds

If you were to ask most seasoned investment professionals if single strategy hedge funds should be sold to retail investors, you would get the answer "no". But are there risks this may be about to come in by the back door?

Richard Saunders, Chief Executive
January 2008

Professional Pensions - 2008 Pensions Bill is only the Beginning...

Over the next few months, much attention will be focused on the new Pensions Bill.  However, a range of wider issues are raised by the Government's endorsement of semi-mandatory saving in defined contribution schemes. 

Jonathan Lipkin, Head of Research
January 2008

Money Marketing - Retail Distribution Review

Eighteen months ago the Retail Distribution Review was launched with an air of expectation.  The first phase has now come to an end and by the time you read this the FSA will be buried under a sea of responses in an attempt to decide what to do next.

Mona Patel, Head of Communications
January 2008

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