As well as this apparent solidarity from Blackrock and others, fund research company Financial Express, which uses the IA sectors as a basis for some of its data offering, felt compelled to offer words of support.
“Balancing the needs of members, together with the best interests of the broader industry and investors will be a challenging task for Guy Sears,” said a spokesperson. “However he decides to approach this task, the Investment Association plays an important role in defining the landscape of the UK fund industry. FE remains committed to working with the IA to ensure that accurate and timely information is available to investors and the retail investment market – ultimately building trust which benefits all involved.”
Ultimately a trade body is only really the sum of its members, so cannot afford to pursue policies which alienate significant numbers of them. If it loses a number of the larger firms, it can no longer claim to represent the industry as a whole.
It must also be kept in mind however, that with the direction of travel post RDR and financial crisis still being firmly that of greater scrutiny, political and regulatory pressure, having a strong voice for asset managers to speak with as one is arguably more important than ever.
