David Hynes today announced his decision to step down as Chairman of the Institutional Money Market Fund Association (IMMFA).
Hynes who is Head of Fixed Income Structured Products at Gartmore in London has held the position of Chairman of IMMFA since June 2000, and his tenure has been marked by his overseeing of a number of groundbreaking industry initiatives. Most notably, Hynes was instrumental in putting in place a solid infrastructure to support IMMFA and leading the call for the establishment of a landmark Code of Practice for IMMFA members. This is now near to completion.
During his two and a half year reign, Hynes also established an Executive Committee with responsibility for ensuring and effective and proper system of governance for the Association.
Explaining the reason behind his decision to stand down, Hynes commented:
“This is undoubtedly a critical period in the evolution of IMMFA. Nonetheless, due to additional responsibilities in my fund management role at Gartmore, I do not feel I can offer IMMFA the same effort and concentration going forward”.
He added: “IMMFA has made a real progress in the last few years and although it is with a heavy heart that I have relinquished the chairmanship, I am very proud to be leaving the association behind in such heavy shape.”
Hynes had informed IMMFA members of his decision to leave the post at its June AGM. His successor is due to be elected next week.