Advisers dismiss new body for global funds
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Advisers have dismissed the launch of a new trade body for global fund managers led by ex-FSA director Dan Waters, saying it is irrelevant and will fail to have any impact.
ICI Global has been set up by the Investment Company Institute, the national association of US investment companies.
Former FSA director of conduct risk and asset management sector leader Waters, who left the regulator in December, will be managing director of the trade body.
JP Morgan Asset Management Europe head Jamie Broderick will chair ICI Global’s steering committee.
ICI Global will be based in London and will focus on regulation and other issues for global investment funds. Members will include regulated US and non-US-based funds publicly offered to investors worldwide. Fund management groups including Franklin Templeton Investments, Goldman Sachs Asset Management, Invesco, JP Morgan, Legg Mason and Vanguard have all expressed an interest in joining the organisation.
Waters says: “Global funds and fund managers face a complex array of regulatory and policy challenges. Finding appropriate global solutions for these challenges requires the capacity to look beyond national and regional approaches to focus on genuine, value-adding global answers.”
Premier Wealth Management managing director Adrian Shandley says: “London is insignificant on a global scale, so it will be hard to lobby for global managers from the UK. It will not be able to affect the global investment market. I cannot see the relevance of it.”
Dentons Investment Services investment manager Jay Tamsitt says: “We have got enough trade bodies as it is. It may make sense for global organisations but personally I feel we have enough issues to deal with on the domestic front that we should concentrate on before looking at global issues.”
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