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Treasury announces new asset management and insurance groups

The Treasury has announced the launch of two new government-industry groups that will look at the insurance and asset management sectors.

The new groups are to be co-chaired by the Chancellor, Alistair Darling, along with Aviva chief executive Andrew Moss and IMA chairman Robert Jenkins.

The groups will examine the challenges and opportunities in these sector over the next 10-15 years. The insurance group first met on November 6, with the asset management group set to meet on December 2. Both plan to report back to the Chancellor by the summer of 2009.

Chancellor, Alistair Darling says: “It is essential that we consider our longer-term priorities across all areas of, so that as we emerge from the current period of economic turbulence, we are positioned to remain at the forefront of this industry. I look forward to working with Andrew and Bob to consider how the UK’s insurance and asset management industries can rise to the challenges and opportunities ahead.”

Moss says: “I’m delighted to have this opportunity to shape the future landscape of the UK insurance industry. We’re facing challenging times, but it’s important to focus on the opportunities and build on our learning to ensure that the financial services sector continues to make a vital contribution to the UK economy.”

Jenkins says: “Asset management is at the centre of financial flows and the UK is the leading centre for asset management in Europe. The challenge is to retain and build on this position. I am honoured to have an opportunity to look ahead and help to shape the future.”

Members of the Insurance Industry Working Group are:
Tim Breedon, Group Chief Executive, Legal and General
Sandy Crombie, Group Chief Executive, Standard Life
Archie Kane, Chief Executive, Scottish Widows
Adrian Brown, UKChief Executive, Royal Sun Alliance
Richard Ward, Chief Executive, Lloyd’s of London
Steve Taylor-Gooby, Managing Director, Tillinghast
Brendan McManus, UK and Ireland Chief Executive, Willis
Nick Prettejohn, UK and Europe Chief Executive, Prudential

Members of the Asset Management Industry Working Group will include:
Donald Aiken, Chairman Institutional Money Market Funds Association and Managing Director, Morgan Stanley Asset Management
Robert Higginbotham, President – Europe, Fidelity International
Sarah Bates, Deputy Chairman, Association of Investment Companies; Chairman, Rutley Russia Property Fund
Dean Buckley, Chief Executive, Scottish Widows Investment Partnership
Elizabeth Corley, Chief Executive, Allianz Global Investors
Martin Gilbert, Chief Executive, Aberdeen Asset Management
Colin McLean, Managing Director, SVM
William Nott, Chief Executive, M&G Securities
Dan Waters, Sector Leader, Asset Management, FSA

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