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IIMI survey reveals membership is largely in support of the SFDR, although concerns remain

A new survey by IIMI, the boutique asset management think tank formerly known as New City Initiative (NCI), today reveals that over three quarters of its members believe they will benefit from complying with the European Union (EU)’s Sustainable Financial Disclosure Regulation (SFDR), which came into effect in March.

The full results of the survey, which was conducted among IIMI’s membership to gather their views on the SFDR and how it will impact their firms and the wider industry, are included in IIMI’s paper “Regulating ESG: A step in the right direction”, published today.

Other key highlights from the paper include:

  • 61% of respondents believe that the SFDR will improve competition in the asset management industry, while 22% feel it will have a negative impact
  • Some members feel the rules could disadvantage boutiques as the supplementary costs will be felt disproportionately
  • Some members are calling on EU regulators to cap the amount which data providers can charge for ESG research and analytics, in order to create a more even playing field between boutiques and larger firms
  • 66% of the membership have already integrated ESG work into their investment teams’ processes
  • Over a quarter (27%) have decided to hire ESG specialists specifically to deal with the new regulations
  • There is particular uncertainty around ‘Article 8’ designation, which IIMI is calling for clarification on

Nick Mottram, Chairman of the recently rebranded Independent Investment Management Initiative, commented:

“As scrutiny around ESG in asset management continues to grow, this research suggests our members largely believe SFDR can be a force for good in the industry. However, IIMI’s membership is diverse and there is a significant minority which believes the new rules will hamper competition, favouring the resource-rich, larger firms at the expense of smaller, independent, entrepreneurial firms. Additionally, there are reservations regarding uncertainties around Article 8 designation, and we do believe that these need to be clarified.

“IIMI fully supports the principles behind an ESG taxonomy as we believe that it will be vital in eliminating the risk of greenwashing, which is an issue of concern in the industry. We also can’t stress enough how important it is that ESG standards across major markets do not diverge excessively, so as to avoid unnecessary confusion.

“It also doesn’t surprise us that a number of members are calling for a cap on the amount which data providers can charge for ESG research and analytics so that they are not at a disadvantage to larger firms, as we have often seen boutiques be disproportionately impacted by the costs of complying with new regulations. Our members consistently rise to meet the challenges that the industry and investment markets throw at them, and there is no doubt that they will adapt and thrive as ESG becomes integral to the service that clients demand.

“ESG is very much the issue of the day and so it seems fitting for us to focus on this in our first paper under our new name, the Independent Investment Management Initiative, or IIMI for short. We have been going strong for over 10 years but felt it was time to choose a name that better encapsulates who we represent and what we stand for. Giving a voice to independent investment management firms over the future of financial regulation has always been at the heart of what we do, and we shall continue to promote the key role that our members, and all boutiques, play in preserving the stability and long-term focus of the financial sector at large.”

ENDS

Media enquiries:

TB Cardew (PR adviser to IIMI)                     020 7930 0777

Alycia MacAskill                                                07876 222 703

About Independent Investment Management Initiative (IIMI):

Independent Investment Management Initiative (IIMI), formerly New City Initiative (NCI), is a think tank that offers an independent, expert voice in the debate over the future of financial regulation. Founded in 2010, IIMI counts amongst its members some of the leading independent asset management firms in the City of London and the Continent. IIMI gives a voice to independent, owner-managed firms that are entirely focused on and aligned with the interests of their clients and investors. Over the last decade, an old fashioned “client-centric” approach has enabled entrepreneurial firms in the Square Mile and beyond to emerge as a growing force in a financial industry dominated by global financial giants. Now, more so than ever, these firms play a key role in preserving the stability and long-term focus of the financial sector, which is of benefit to society at large.

Today IIMI is comprised of 46 leading independent asset management firms from the UK and the Continent, managing approximately £500 billion and employing several thousand people. IIMI Singapore was launched in 2019.

Core aims:

  • To serve as an independent, expert voice in the debate over financial reform;
  • To restore society’s trust in the financial sector;
  • To promote the values and practices of owner-managed firms which align their interests with those of their clients; and
  • To raise awareness of the positive, stabilising contribution small entrepreneurial firms make to the economy and society as a whole.
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New City Initiative (NCI) rebrands to the Independent Investment Management Initiative (IIMI)


New City Initiative (NCI) rebrands to the Independent Investment Management Initiative (IIMI) Boutique asset management think tank New City Initiative (NCI) today announces that it has rebranded to the Independent Investment Management Initiative (IIMI). The new website can be found at www.theiimi.org.

The IIMI was founded as New City Initiative in 2010 by 25 founding members with £75 billion under management, in order to give a voice to independent, owner-managed asset management firms in the debate over the future of financial regulation. Today, it is comprised of 44 leading independent firms from the UK and Europe, managing over £500 billion and employing several thousand people. The IIMI Singapore was launched in 2019 in response to demand from asset managers in the region.

Commenting on the rebrand, Independent Investment Management Initiative Chairman Nick Mottram said:
“We are very pleased to unveil our new name, the Independent Investment Management Initiative. New City Initiative was founded in the wake of the global financial crisis at a time when the City of London was undergoing a time of significant regulatory change as it sought to re-build its reputation. However, we felt that the name had less relevance today, especially since we now have members in Continental Europe and Singapore, and we wanted a name with global resonance.

The Independent Investment Management Initiative far better encapsulates who we represent and what we stand for. Our members are independent and owner-managed, and this is what really defines and differentiates them, since they are entirely focused on and aligned with the interests of their clients. We firmly believe that boutiques play an important role in preserving the stability of the wider financial sector, in addition to encouraging competition, and we shall continue to promote their values and practices, while giving them a voice in the
conversation around financial regulation.

ENDS

Media enquiries:
TB Cardew (PR adviser to IIMI) 020 7930 0777
Alycia MacAskill 07876 222 703

About the Independent Investment Management Initiative (IIMI):
The Independent Investment Management Initiative (IIMI), formerly New City Initiative (NCI), is a think tank that offers an independent, expert voice in the debate over the future of financial regulation. Founded in 2010, IIMI counts amongst its members some of the leading independent asset management firms in the City of London
and the Continent. The IIMI gives a voice to independent, owner-managed firms that are entirely focused on and aligned with the interests of their clients and investors. Over the last decade, an old fashioned “client-centric” approach has enabled entrepreneurial firms in the Square Mile and beyond to emerge as a growing force in a financial industry dominated by global financial giants. Now, more so than ever, these firms play a key role in preserving the stability and long-term focus of the financial sector, which is of benefit to society at large.

Today, the IIMI is comprised of 44 leading independent asset management firms from the UK and the Continent, managing approximately £500 billion and employing several thousand people. IIMI Singapore was launched in 2019.
Core aims:
− To serve as an independent, expert voice in the debate over financial reform;
− To restore society’s trust in the financial sector;
− To promote the values and practices of owner-managed firms which align their interests with those of their clients; and
− To raise awareness of the positive, stabilising contribution small entrepreneurial firms make to the economy and society as a whole.

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IIMI calls for new UK funds regime to encourage regional job growth

IIMI, the boutique asset management think tank, has today published a paper calling for the development of a new UK fund structure that could rival UCITS and AIFs, while decentralising fund management in the country and encouraging regional growth. The full paper, entitled “Decentralising Fund Management: Encouraging Regional Growth”, can be found here.

As the UK government works towards economic recovery and seeks to “level up” prosperity and opportunity across the country, IIMI is advocating the development of a fund structure that, if successful, could generate an upsurge of new roles in the UK funds industry. IIMI believes a bespoke UK fund structure could facilitate the onshoring of more asset servicing roles that have traditionally been based in Ireland and Luxembourg, many of which do not necessarily need to be carried out in London. Owing to the rental cost savings of locating an office outside of the capital, and the abundance of talent available at a lower cost, a number of leading fund administrators already have thriving offices across several regional UK cities, including Birmingham, Bournemouth, Belfast, Glasgow and Liverpool.

IIMI asserts that a widening of the asset management industry’s UK footprint provides the opportunity for wealth to become more evenly distributed from affluent regional cities to nearby towns, which are among the country’s most depressed areas. The government could potentially incentivise financial institutions to invest in infrastructure and education in especially deprived parts of the UK to help promote long-term economic regeneration.

In order to gain traction, NCI proposes that UK retail and institutional investors currently invested in UCITS be given the opportunity to convert their holdings into the new UK fund structure. To facilitate this, managers should make switching as easy as possible. For example, early stage converters could be given fee discounts in the new fund vehicle. Furthermore, IIMI believes strategic tax incentives, such as exempting non-UK investors from paying UK tax on investments, could stimulate foreign investment in UK asset management firms, which in turn could further promote employment in the wider financial services industry, particularly outside of London.

IIMI notes that the new structure would need to incorporate the investor protections presently enshrined under the UCITS and AIFMD regimes, and cites a number of potential improvements, including the tightening of the prescriptive liquidity arrangements mandated under UCITS, in light of last year’s Woodford episode. IIMI believes that such a fund structure would ultimately provide both retail and institutional investors with more choice and encourage competition.

Summary of NCI’s proposals

  • In order to stimulate asset management and asset servicing jobs following Brexit, the UK should create its own fund brand. This is something which IIMI is willing to engage with the government on.
  • If this fund structure is successful, it could spark further growth in UK asset servicing and asset management roles. The government should encourage these businesses to launch outside of London.
  • Similarly, incentives – potentially tax benefits – should be given to financial institutions to invest in infrastructure and education in especially deprived parts of the UK. This could help promote long-term economic regeneration.
  • IIMI is willing to facilitate conversations between the industry and regional economic bodies to help support the funds’ industry development outside of London.

“IIMI believes that the roll-out of an effective domestic UK fund structure could materially strengthen the financial services industry, particularly outside of London. By encouraging the asset management industry to widen its geographical footprint within the UK, it could result in a more even distribution of wealth across the country, supporting the Northern Powerhouse and the Midlands Engine, and enabling local economies to flourish. Some of the biggest names in global finance already have a sizable UK regional presence but we believe there is still a huge amount of room for growth. As we face both fresh and familiar challenges, from the COVID-19 economic shock to Brexit, we believe the time for this new generation fund structure is now, and we’re ready to engage with government and industry to realise this vision.”

Nick Mottram, Chairman of IIMI

ENDS

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IIMI calls for new UK fund structure to bolster industry’s position in Asia-Pacific

IIMI, the boutique asset management think tank, is calling for the development of a UK fund structure that could compete with UCITS and AIFs in Asia-Pacific (APAC), in order to strengthen the global distribution footprint of UK funds and their position in the region. The full paper, entitled “Facilitating Connectivity: Strengthening UK- APAC Fund Ties”, can be found here.

IIMI also proposes that the UK should further leverage the Mutual Recognition of Funds (MRF) scheme with Hong Kong while negotiating further MRFs with other critical markets, most notably China. In addition, the UK should become a signatory to at least one or both of the Asia Region Funds Passport (ARFP) or ASEAN Collective Investment Scheme (CIS).

Background

The UK’s asset management industry manages around £400 billion on behalf of clients in APAC. Currently, many of the UK investment products that are sold to institutional and retail clients in APAC are regulated under EU law, principally either UCITS or the Alternative Investment Fund Managers Directive (AIFMD).

Previous uncertainty about the future of delegation and the EU’s ongoing refusal to extend the much vaunted AIFMD marketing passport to core APAC jurisdictions (namely Hong Kong and Singapore) have damaged the EU’s reputation in APAC circles.

As a result, some experts see this impasse as an opportunity on which the UK can capitalise. In addition, should post-Brexit equivalence fall short in trade negotiations, the impetus for the UK to create its own fund regime and to build in mutual links with APAC, and the rest of the world, becomes greater.

Proposals

IIMI believes that there are several ways in which the UK funds industry could strengthen its distribution footprint in key APAC markets, where many of IIMI’s members see a large growth opportunity:

  • UK policymakers/regulators should capitalise on the UK funds industry’s opportunity to further cement itself in APAC by developing a UK-own fund brand to compete with UCITS and AIFs in the region.
  • The establishment of such a UK fund brand will require input from industry and government, and this is something the IIMI is willing to facilitate in coalition with other associations and market participants. The process of setting up this new fund structure will not be easy, but IIMI believes it is certainly achievable.
  • The UK should further leverage the MRF scheme with Hong Kong, and regulators ought to negotiate further MRFs with other critical markets, most notably China.
  • The UK should become a signatory to a regional fund passporting regime such as the ARFP or ASEAN CIS in order to maximise its APAC distribution footprint.

“IIMI believes the UK funds industry has an excellent opportunity to further embed itself in APAC, where a number of our members see the largest growth potential. Developing a UK fund brand to compete with UCITS and AIFs in the region would be one way of doing this, and would be beneficial for the UK and Asian economies. As the representative of leading owner managed firms in the UK and Europe, IIMI has already extended the UK fund management community’s links with APAC through the 2019 launch of IIMI Singapore, and we are keen to build on this.”

Nick Mottram, Chairman of IIMI

ENDS

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Nick Mottram appointed as Chairman

IIMI, the boutique asset management think tank, announces the appointment of Nick Mottram as Chairman, effective 1 December 2019. Nick succeeds Jamie Carter, CEO of Oldfield Partners, who will remain on the board.

Susannah de Jager continues as Deputy Chairperson, and has been joined in the role by Sebastian Stewart, Head of Client Services at Somerset Capital Management.

Nick Mottram is the Chairman and Global & Asian Equities Fund Manager at Dalton Strategic Partnership, having joined the firm in March 2010. He has over 30 years of investment experience, with other senior roles including Founding Partner at Origin Asset Management, Head of Equities at Investec Asset Management and Global Head of Research at Schroder Investment Management. Nick is a Chartered Accountant and has a degree in English from the University of Kent.

Sebastian Stewart is a Partner at Somerset Capital and Head of Client Services, having joined the firm in 2012. He graduated from the University of Edinburgh with a first class degree in Mathematics and Business Studies and is a CFA charterholder.

Founded in 2010, IIMI speaks for owner-managed firms concerned with the alignment of interests with clients, and aims to offer an independent, expert voice in the debate over the future of financial regulation and competition.

“Dalton Strategic Partnership has been a member of IIMI for many years now and I have always been impressed by its focus and work. Jamie Carter has left IIMI extremely well placed going forward and I would like to thank him for his leadership.

“I look forward to meeting with the membership and continuing IIMI’s work of promoting the interests of owner-managed firms. In these times of change, it is more important than ever that the boutique asset management industry is given a voice to help shape the debate around the future of financial regulation, as well as advocate the need for a competitive landscape.”

Nick Mottram, newly appointed Chairman of IIMI

“It has been a privilege to serve as IIMI’s Chairman and I would like to thank the rest of the team for their ongoing support during my tenure. I am delighted with the progress we have made, notably the recent launch of IIMI Singapore. Nick has long been a champion of IIMI’s work and I have no doubt that he is the right person to chair the group as it builds on its successes to date.”

Jamie Carter, outgoing Chairman of IIMI 

ENDS

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IIMI Launches Singapore Branch

IIMI, the boutique asset management think tank, is pleased to announce that it has launched operations in Singapore in response to demand from asset managers in the region.

There are 11 founding members in IIMI Singapore, which is chaired by Timothy Hay, the CEO of Somerset Capital Management’s Singapore office.

Since its foundation in 2010, IIMI has offered an expert voice in the debate over the future of financial regulation, representing independent, owner-managed firms that are entirely focused on and aligned with the interests of their clients and investors. Today, its European membership is comprised of 46 leading independent asset management firms from the UK, France, Norway and Switzerland, managing approximately £500 billion of clients’ money and employing several thousand people.

Both IIMI branches in Europe and Singapore, along with their combined membership, will work with the Monetary Authority of Singapore (MAS) and the FCA to open up and increase opportunities between the two markets as they share experiences and ideas. This includes supporting MAS efforts to develop the Variable Capital Company (VCC) fund structure, on which IIMI will hold a meeting next month with London members and a delegation from MAS.

We are very proud of what IIMI has achieved over the last nine years in promoting the values and interests of boutique asset managers, and we feel the time is now right to expand our geographical presence. Singapore has one of the most thriving asset management communities in the East and we look forward to working with the new IIMI team there as we maintain an open dialogue with both the MAS and FCA for the benefit of our expanding membership.

IIMI Chairman Jamie Carter

IIMI has established itself as a respected voice in the asset management industry and we look forward to leveraging its experience and learnings for our new IIMI Singapore members. Owner-managed, client-centric firms play a key role in preserving the stability and long-term focus of the financial sector and we are pleased to support the important work of independent asset managers in Singapore and the surrounding region.

IIMI Singapore’s Chairman Tim Hay

ENDS

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Concern among members that M&A activity within the asset management industry is reducing competition and undermining investor choice

IIMI, the boutique asset management think tank, has today published a paper calling for a more proportionate approach to regulation in response to increasing consolidation in the sector, which many of its members believe is reducing competition and investor choice. The full paper, entitled “M&A in Asset Management: Is it strangling boutiques?”, can be found here.

The paper explores the drivers behind the ongoing M&A activity and questions whether decisive action needs to be taken at a governmental or regulatory level. As part of this analysis into M&A trends within the industry, IIIMI spoke to a number of its diverse boutique asset manager members about the impact consolidation was having.

Drivers for consolidation

Asset management M&A has been riding high over the last few years. According to data from Mercer Capital, both deal volume and deal count in 2018 were at their highest levels since 20091. Consolidation at large asset managers has been driven by a combination of factors, including the reallocation of funds by investors into cheaper passive products, and a dramatic increase in managers’ costs. Regulations in the EU have been particularly intense for asset managers, with rules such as AIFMD, MiFID II, EMIR, UCITS V, GDPR and PRIIPs all collectively affecting fund manager margins. For many firms struggling under the weight of these complex regulations, consolidation is often seen as the best option.

It has also been noted that there are “second order” barriers. Within the UK discretionary wealth management and IFA sector, there has been huge consolidation as firms deal with regulatory complexity and look to achieve economies of scale. As a result, they advise much larger pools of capital which must be allocated to managers who can accept sizeable investments, namely those with higher capacity. The biggest managers are typically the ones who can onboard the larger flows, but smaller funds – or those that are disciplined about capacity and the liquidity they offer – cannot accept these outsized allocations. Again, this is widening the gulf between big and small.

The performance case for boutiques

If investors are unable to access as many SME asset managers, they may struggle to obtain portfolio diversification through wider exposures to niche strategies, which can also have a negative impact on returns. One IIMI member noted: “As large asset managers get bigger, performance sometimes gets worse as it is not as easy to move in and out of trades. Even if investors are paying lower fees at these large fund managers, they might not be getting the performance they deserve. Boutique asset managers can give investors exposure to niche or specialised products, which is much harder to do at larger fund managers”. Furthermore, boutique asset managers have a proven track record of outperformance, both against their largest rivals and index trackers.

“It is clear there is widespread concern among our members that continued consolidation in the asset management industry will force investors to allocate into only the largest, dominant asset managers – ultimately depriving them of choice and potentially even returns. If the UK is to have a competitive asset management industry moving forward, IIMI strongly recommends that a more proportionate approach to regulation would be a good starting point to enable boutique managers to flourish alongside their larger peers.

“These new regulatory changes are a unique opportunity for asset managers to upgrade their business model, their FX operational processes and improve efficiency to reduce investment costs and improve fund performance. That can only be good for building strong business relationships.”

Jamie Carter, Chairman of IIMI

ENDS

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IIMI calls for boutique firms to be represented in debate about the future of the UK’s financial services in response to Treasury Select Committee’s inquiry

IIMI, the boutique asset management think tank, has called upon the Treasury Select Committee to include its representatives in any consultations and working parties associated with the Committee’s inquiry into the future of the UK’s financial services once the UK has left the EU. The full written submission, entitled “Carpe Diem: Advice and Opportunities from the Boutique SME Asset Management Sector to the Future of Financial Services”, can be found here.

The Treasury Select Committee examines what the Government’s financial services priorities should be when it negotiates the UK’s future trading relationship with the EU and third countries. The Committee launched its inquiry in January 2019 and invited stakeholders to submit written evidence in response.

Summary

The importance of SMEs to the broader economy is widely recognised. It is IIMI’s belief that its members – which are often manager or partner owned, with a distinct culture and propensity for co-operation that promotes innovation, client-focus and thoughtful risk-management practices – share characteristics, and support needs, with the broader SME sector.

The political and regulatory response to the Global Financial Crisis led to a focus on larger firms and the banking sector, and reforms implemented in response have sometimes led to unintended consequences, such as increased barriers to entry. Now that ten years have passed, and with the UK’s focus on opportunities for the future, IIMI submits that it is now time for an alternative, bottom-up approach that draws from the wisdom and efforts of the SME sector.

Drawing upon its past work, IIMI shows how its members offer a distinct and important contribution to the debate about the future of financial services, concluding that any consultations and working parties must include their representatives to give the optimal outcome for the broader economy and society.

The Unique Perspective of Boutique SME Asset Managers

IIMI’s submission provides proposals for the future direction of financial services through the lens of boutique asset managers, with a focus on the following areas:

  • Alignment of interest, culture and performance
  • Liquidity transformation
  • Broad-based innovation and the power of clustering
  • Stewardship and patient capital
  • Proportionality and incubation in regulation

“Boutiques, such as NCI’s members, are the SMEs of the asset management industry and are an important cluster of such activity for the UK and global economy. They promote innovation in the broadest sense – with corollary benefits for society – through economic growth, employment and global trade in services. As such, NCI believes that government and regulators best serve their broad constituencies by recognising and listening to the perspective and proposals of boutique firms: our members certainly welcome the opportunity to contribute to the debates ahead.”

Jamie Carter, Chairman of IIMI

ENDS

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IIMI survey reveals major shift in ESG focus for membership

IIMI, the boutique asset management think tank, reveals, in a member survey published today, that almost double the number of member firms are incorporating environmental, social and governance factors (ESG) into their portfolios, compared with five years ago. The results of the survey are included in IIMI’s paper: The Evolution of ESG in Asset Management, published today.

SUMMARY OF IIMI’s ESG SURVEY RESULTS

  • Five years ago, 47.6% incorporated ESG in their portfolios – today the figure is 90.5%
  • 85.8% plan to further incorporate ESG factors
  • 90.4% are or intend to sign up to the UN Principles for Responsible Investment
  • Biggest driver behind adoption of ESG in portfolio decisions is risk management
  • Just over half of respondents concerned about the EU’s ESG regulatory proposals
  • All respondents agree that ESG should be industry-led rather than driven by regulators

“Our survey suggests ESG considerations are already firmly embedded in decision-making process and that a dramatic shift has happened in the past five years.

It is obvious however that the sheer variety of approaches to and interpretation of ESG has led to increasing debate in the industry and confusion amongst potential customers. With the European Commission’s announcement that it will step in with regulation, we felt it was important to sound out the view of IIMI’s members – specialist, independent, owner-managed boutiques.

The results of the survey and analysis of recent developments, including ESMA’s announcements in relation to ESG in December 2018, have informed a number of recommendations.

Firstly, The EU’s reporting requirements need to ensure they do not contradict or duplicate existing obligations such as those outlined in the TCFD. This will do nothing but confuse clients. A better solution could be for the industry to self-regulate and adopt one of the most comprehensive standards like TCFD on a universal basis.

Once the relevant Directives are in place, IIMI encourages ESMA to publish a regular summary of what it considers to be best practice under the principles-based approach, to encourage greater harmonisation and higher standards across the industry.

ESMA confirmed it will not adopt a prescriptive approach to ESG regulation which is a welcome announcement. However, the IIMI membership is unanimously opposed to ESG becoming an issue driven by regulators, instead preferring industry-led initiatives to support the development of sector standards.”

Jamie Carter, Chairman of IIMI

ENDS

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Jamie Carter appointed as Chairman

IIMI, an association of leading independent asset management firms, announces the appointment of Jamie Carter as Chairman, succeeding Dominic Johnson, who steps down having completed a full term as Chairman.

Susannah de Jager will assume the role of Deputy Chairman, previously held by Jamie, while Jonathon Read has been appointed into the [newly created] position of Policy Director. Both appointments are effective immediately.

Jamie Carter is the Chief Executive and one of the founding partners of Oldfield Partners (OP), a boutique fund management firm which manages circa $4 billion for endowment funds, pension funds, charities, family offices, and high net worth individuals.

Susannah de Jager is a Partner and the Chief Operating Officer of S. W. Mitchell Capital, a European equities boutique managing $2bn. She joined SWMC in late 2010 and headed up the business development team with particular focus on the US and marketing of the firm more generally until 2014 when she took on the role of COO. Susannah was made a Partner in January 2015.

Jonathon Read is Chairman and Founding Director of Your Credit Union, as well as Advisor to the Board of Civilised Investments Ltd. He is also Founder of Triborough Opportunities, a charity formed to encourage financial literacy and promote sustainable financial inclusion.

Founded in 2010, IIMI speaks for owner-managed firms concerned with the alignment of interests with clients, and aims to offer an independent, expert voice in the debate over the future of financial regulation and competition.

“First as a board member, and more recently as Deputy Chairman, it has been a privilege working alongside Dominic as he has led the NCI. The next few years will be important for the boutique asset management industry and I am looking forward to working alongside Susannah, Jonathon and the rest of the team as we seek to amplify our members’ voices and help shape the debate on financial reform and the positioning of the industry post-Brexit.”

Jamie Carter, newly appointed Chairman of IIMI

It has been an honour working at the helm of the NCI and I am pleased to be leaving the role in such capable hands. I look forward to continuing my support of the NCI as a member of the board as we continue to advocate the vital role played by boutique asset managers in our economy.”

Dominic Johnson, outgoing Chairman of IIMI

ENDS