EUROPE - The CEOs of 14 major pan-European asset and fund management companies have launched a forum to promote the benefits of an effective single market for cross-border asset management.
Forum of European Asset Managers (FEAM) intends to focus on single market issues and act as a conduit for enabling senior industry practitioners to engage directly with governments, the European Commission, parliamentarians and regulators.
“Despite years of effort, a single market for asset management has not yet fully materialised and it is Europe’s savers who are paying the price in higher costs and restricted choice,” said Nicolas Moreau, chairman of the FEAM management committee and CEO of AXA Investment Managers.
“FEAM’s success will be measured primarily in terms of progress in removing barriers to a single market for asset and fund management in Europe. There are both critical issues and unique opportunities facing the pan-European asset management industry.
“Many of these, such as growing cross-border fund business, improving the UCITS framework, increasing the global competitiveness of the European industry and tackling the European pensions time-bomb, have been touched on in recent speeches by the EC internal markets commissioner Charlie McCreevy.”
FEAM will act as a discussion forum for the CEOs of pan-European asset management companies with the management committee meeting quarterly to monitor the progress of the various working groups.
Thomas Balk, president of European mutual funds at Fidelity International is vice-chairman and will take up the position of chairman in January 2006. Other members include Johann Goldbrunner from Allianz Global Investors AG, Alan Ainsworth of Threadneedle Investments and Matteo Perruccio of Pioneer Investment Management.
At the first meeting of its management committee, FEAM established working groups to: respond to the forthcoming European Commission Green Paper on asset management; agree criteria for defining and measuring progress towards achieving a single market for asset and fund management in Europe; and develop work on fund registration under the chairmanship of Allianz Global Investors and cross-border mergers, master-feeder structures and pooling under the chairmanship of Matteo Perruccio.
CEOs will hold annual meetings to admit members, determine the working agenda and appoint the chairman, vice chairman and management committee for the next year. The next annual meeting will be held in Brussels in January in 2006.
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