Category: History

IIMI expands into Europe following talks in Brussels.

IIMI is now a Europe-wide body. IIMI’s new European members represent some of the Continent’s most high-profile independent asset management firms and bring the total assets managed by the organisation’s members to in excess of £250 billion.  

Since its inception in 2010, IIMI has successfully furthered the message that independent, entrepreneurial firms do not pose the same risk to the economy as big banks and as such should not be treated the same by regulators. 

IIMI has produced two highly lauded policy papers and work on a third is underway. It has made several submissions to the FSA, the House of Lords and the Independent Commission on Banking and its Patron is the Lord Mayor of London. Given the increased focus on the future of pan-European financial regulation, in 2011 IIMI also met with representatives of the European Commission to discuss the regulation of the independent asset management sector. 

IIMI left this meeting convinced that in order to have a voice in the future of European regulation, it would be essential to go beyond national borders and enter into direct dialogue with EU regulators. The expansion of IIMI’s membership to include seven French firms represents an unprecedented step toward furthering relations between financial entrepreneurs in the UK and on the Continent.  IIMI aims to further extend its European reach and is in early stage discussions with potential new members from Italy and Germany, among others.  

With its newly expanded membership base, “IIMI Europe” aims to enhance its profile among regulators as a strong, credible voice for financial entrepreneurs across Europe. Organised as a think tank comprised of practitioners, not as a trade body, IIMI is uniquely placed to help Brussels develop practical solutions to complicated financial issues. 

Derek Laud, Director of IIMI said: 

“Very few organisations have adopted a pan-European approach to influencing financial regulation. In taking this step, IIMI has created an unparalleled body for the independent asset management sector and a unique source of professional knowledge. 

The EU has consistently shown that it does not understand the independent asset management sector in Europe. With an international membership, we hope to correct that by taking our message directly to Brussels and raising the industry’s profile in a way that national organisations are incapable of doing.” 

Spear’s Wealth Management Awards 2011: Spear’s City Champion Award

Reproduced from the original article available the Spear’s website:

Now for a new award. Over the past few years in the run-up to the crash, the City did not distinguish itself with its telephone-number bonuses, conspicuous consumption and behaviour some described as financial Russian roulette. And it has hardly been glorious since. 

Spear’s has long been concerned about this and when combined with a wider lack of social mobility, a sense of disadvantage as evidenced by the summer riots and in Occupy the Stock Exchange, and government cuts of social services, we’re headed for trouble.

That’s why Spears have introduced the City Champion Award. Chosen by the Spear’s editorial staff, this award is given to a person, company or scheme which promotes the higher moral aspirations they have for the City and provides an example to others, using its resources for social good.

The first winner of this award is a scheme which has brought together some of the City’s best wealth management firms and encourages them to provide internships to children from disadvantaged backgrounds. Individuals who normally would stand little or no chance of getting a job in finance simply because they lack connections or the right accent or the ability to fit in.

This scheme sets an example. It says, Tear down your walls and bring in the best, a sentiment Spear’s entirely endorses. So I am very happy to announce that the first Spear’s City Champion Award goes to, the New City Initiative. 

Daniel Pinto of Stanhope Capital, director of New City Initiative, collected the award

Daniel Pinto, Founder and Chief Executive of Stanhope Capital Group launches the New City Initiative and becomes its first Chairman.

From the Financial Times, 15 March 2010:

Concern over the battered image of the financial services industry following the banking turmoil is spurring a group of asset and wealth managers to raise a new standards banner.

Stanhope Capital, an independent investment house with $3bn (£2bn, €2.2bn) of assets under management, is setting up the New City Initiative, a European association made up of hand-picked companies it believes follow best practice.

“The association will raise awareness there is an alternative to big banks. We aim to establish new standards for professional behaviour, with high levels of transparency,” said Daniel Pinto, chairman and managing partner at Stanhope Capital. About 25 members, with £75bn of assets, will be included initially.

The first wave will focus on UK managers then extend to a European selection. Names of the founding members will be released at next month’s launch.

A second aim of the initiative is to act as an informal think-tank made up of industry practitioners able to advise UK and European politicians and regulators on financial services legislation.

“Governments are proposing regulatory and fiscal changes that will affect the structure of the industry for a generation and yet the voice of the sector can hardly be heard,” said Mr Pinto.