UK - Fund managers have been urged to rebuild investor confidence rather than wait for an equity market rally to solve their problems.
Outgoing IMA chairman Alan Burton said the industry was in a “regulatory vicious circle” with low public confidence, industry failings and defensiveness feeding off each other.
But Burton – speaking at the annual IMA dinner – warned that holding on for the equity markets to recover could result in a “long wait”.
Burton said: “We need, as an industry, to accept blame where blame is due and not just moan or accept the state of affairs passively.
“If we focus on running our businesses on clear principles and guidelines which are in the interests of all our stakeholders then they all prosper.”
He added that managers must stop churning out unnecessary “flavour of the season” or “me, too” products.
Instead they should look to improve market efficiency and demonstrate that the industry takes its responsibility seriously by positively supporting the Institutional Shareholders’ Committee.
Burton stressed that the fund management industry must live up to its promises.
Nick Martindale looks at how Leeds-based digital marketing agency Search Laboratory has taken significant steps to improve mental health wellbeing
The publication of DC to DC transfer time performance data sets a benchmark for trust-based schemes. Jonathan Stapleton reports.
The Cost Transparency Initiative (CTI) has set out plans to launch the long-awaited cost disclosure templates for pension schemes in mid-May.
This week's top stories included Smart Pension and Moore Stephens master trusts being fined for historic chair's statement failures.