A report this week by the Asset Management Expert Group, under the auspices of the European Commission, recognizes the importance of asset management as a distinct market sector.
Such recognition, coupled with the industry’s desire to create a genuine European single market, is a critical step to breaking down existing barriers to a single market in asset management, introducing a truly competitive marketplace, the report said.
The Investment Management Association (IMA) welcomes the further recognition that the investment fund industry is a “high-growth sector which would benefit from a flexible regulatory regime capable of responding to market developments and customer needs,” it said.
The report prioritizes the key improvements needed in order to allow the asset management industry to work more effectively across borders and the IMA is already working in three of these areas: registration of funds, recognition of asset pooling techniques, and facilitation of cross-border mergers.
“With the placing of asset management center stage it is important not to lose the momentum for the move towards a single market for asset management,” said Sheila Nicoll, Deputy Chief Executive of IMA.
“The industry is keen to work on creating the key drivers for successful pan-European asset management which must be rooted in the fundamental principles of transparency and appropriate investor protection. We look forward to working closely with the Commission and others in driving this agenda forward,” said Nicoll.