IMA opens membership to foreign firms

The Investment Management Association is to open up membership to non-UK companies from 2012.

The decision was made at the trade body’s annual general meeting and follows the growth in offshore funds.

From next year, non-UK firms managing UK-authorised funds or funds registered for sale in the UK will be eligible for full membership.

Previously, only those companies with offices in the UK were eligible as full members.

The trade body has also set up a sector membership category for companies who do not require full membership but wish to have their funds included in the IMA sectors.

The new membership class will be open to UK and offshore asset managers who will be able to participate in sector-related consultations and reviews.