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IMA chief wants Government help to boost savings industry

The Investment Management Association has appointed F&C Asset Management’s Robert Jenkins as its new chairman, replacing Threadneedle’s Simon Davies.

Jenkins is the non-executive chairman of F&C Asset Management plc. He was the company’s chief executive for seven years before its merger with Isis Asset Management in 2004.

Three additions were made to the IMA board at last week’s AGM – Peter Chambers from Legal & General Investment Management, William Nott from M&G and Keith Skeoch from Standard Life Investments.

The trio complete an IMA board of 14 which also includes Jupiter Asset Management’s Edward Bonham-Carter and Fidelity’s Richard Wastcoat.

Outgoing chairman Davies urged the investment industry to step up to the plate in the savings market and wider Europe.

He said although the Government’s decision to bolster the maximum Isa investment is a start, there are other policies such as tax, regulation and benefits that can also improve the savings market.

He highlighted the need for the formation of a single market in asset management, with the European Commission’s proposal for this entering the consultation phase.

Davies said although the UK is the leading asset manager in Europe, it only accounts for 10 per cent of the authorised funds market. He says the country will have to boost its standing in this market to keep the top spot.

He said: “There is a real opportunity to grow this further if we have the right regulatory and tax environments. The Government and industry can work together to make the UK a stronger and more competitive force in Europe.

“With the help of Ed Balls, a good process is under way between the Treasury and the industry and we look for

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