Two UK trade associations in the investment management and financial advice sector, the WMA and APFA, are to merge, and the resulting organisation, Investment Management & Financial Advice Association, IMFA, will be headed by Liz Field, current CEO of WMA.
IMFA will launch 1st June, subject to the merger being approved by the members. The associations write that combined IMFA membership would represent UK firms offering a range of financial solutions, including investment advice and portfolio management, as well as investment and execution services, financial planning and advice for private clients.
Both trade associations’ Boards have recommended the proposed merger, which is expected to create a stronger voice for the IMFA industry in the UK. IMFA is expected to be financially positive on a standalone basis by the end of the first year.
Liz Field, CEO of the WMA, says: “The resulting trade association will continue to lead the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the investment advice and financial management arena”.
Chris Hannant, Director General of APFA, says: “The proposed new trade association will provide a stronger, united voice that can better lobby on behalf of the combined membership”.