The European Fund and Asset Management Association (EFAMA) met on 21 and 22 of June in Cyprus, at the occasion of its Annual General Meeting (AGM). Hosted by the Cyprus Investment Funds Association (CIFA), the AGM provided an opportunity for EFAMA members to exchange views about the investment trends and evolving regulatory landscape.
The AGM also marked the end of a first year under the mandate of EFAMA President William Nott.
During this period, the European asset management industry has continued to grow, with 2017 being a record year, and European investment funds assets rising to EUR 15 trillion.
William Nott, President of EFAMA, commented: “This is a great achievement for our industry. I am certain that, despite challenges brought about by financial markets volatility, UCITS and AIFs will remain leading savings vehicles as they provide the risk diversification, potential for return and investor protection - which investors need to save for their future, whether to educate their children or to save for their own retirement.
One of the key strengths of our industry is the speed with which we anticipate and respond to challenges and opportunities. And that is a good thing, because the European market provides major opportunities for all asset managers across Europe.”
William Nott mentioned the progress of discussions on a pan-European personal pension product and the launch of a European Strategy on Sustainable Finance by the European Commission as major milestones of the past year. He also pointed to regulatory files such as the Capital Markets Union project, the ESA Review proposal and PRIIPS as key priorities for the Association.
During the AGM, the European Fund and Asset Management Association (EFAMA) also announced that Peter De Proft, who has headed the industry body for the past eleven years, will step down as Director General at the latest in June 2019. Mr. De Proft will remain an Honorary Director General to the Association and will have an advisory function to the new Director General during the transition period after an appointment has been made. The search process for a replacement has commenced, and EFAMA is planning to appoint the new Director General in early 2019. During a successful tenure, Peter de Proft led the association and its members through a wave of regulation aimed at the financial services industry, representing the interests of asset managers in Europe with the EU institutions. Since 2007, the EFAMA Brussels based team of experts has more than doubled. Since 2007, total investment fund assets have increased by 95%, equivalent to a compound annual growth rate of 7%.
Peter De Proft commented: “Having led EFAMA during a period of significant change, I feel proud to say that asset management has evolved tremendously as an industry since the financial crisis, and has reached an impressive level of maturity, with a reiterated focus on the end investor.Serving this association and working with such committed colleagues has been a great privilege. I am proud of what we have created and achieved together: an open dialogue with all European institutions and organisations, which will allow for constructive regulation to be implemented in the years to come.”
William Nott, President of EFAMA, commented: “EFAMA has gone from strength to strength under Peter’s leadership, and he will be greatly missed by the EFAMA secretariat and the 28 country associations, 62 corporate and 24 associate members whom he has faithfully served and represented for the last eleven years. As a strong and united pan European trade association, EFAMA’s main task over the next few years is to help bring about transformative change in the asset management industry, so consumers can save for their futures with trusted, easily accessible, value for money, socially and environmentally responsible investment options.”
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Notes to editors:
About the European Fund and Asset Management Association (EFAMA):EFAMA is the representative association for the European investment management industry, which represents 28-member associations and 62 corporate members. At end 2017, total net assets of European investment funds reached EUR 15.6 trillion. Close to 32,000 of these funds were UCITS (Undertakings for Collective Investments in Transferable Securities) and close to 28,300 of these funds were AIFs (Alternative Investment Funds). For more information about EFAMA, please visit www.efama.org.