IMA accuses EU of confusing sectors

The IMA has accused the EU of confusing investment management with investment banking and is expressing frustration at regulatory proposals are being prepared.

IMA chairman Robert Jenkins says he fails to understand why certain European politicians' response to the banking crisis is to regulate the investment management industry. He says it is clear some political leaders would rather focus on those who did not cause the problem rather than attend to those who did. "When the banks ran out of liquidity, our customers for whom we act as agents, helped supply it. When the banks ran out of capital, the funds we manage contributed to the take up of new debt and equity issues. "And when one day, governments divest their shares in the walki...