At last week's Winter Reception for members, the society's chair, Hilary Eastman, CFA, commented on some of the recent developments in the investment sector and in UK policy.
She noted that the government's focus on asset management and sustainable finance is positive for the sector, but that there are challenges. Driving assets into bigger pots through consolidation in the LGPS and DC markets will be good for consumers and will also drive up the demand for investment skill and expertise, though perhaps in a more concentrated market. Said Eastman, 'We're moving to a world of quality over quantity. That's good for us but will pose challenges that we will help you meet'.
She also noted that the role of technology will play an even greater part in the relative success of investment firms in future - and of those that work for them whether in the front or middle office. Cautioned Eastman, 'The requirements of a newly minted investment professional are changing and that requires us to look at what we teach and how we teach it in both the IMC and the CFA'. To help investment professionals remain globally and locally mobile, CFA Institute and its member societies are working hard to identify future skills needs and to find ways to provide those to members.
In closing, Eastman also commented on the proposal in the Chancellor's Mansion House speech to reform the certification regime for managers and to unwind regulatory controls on pay. She observed that this appears designed to encourage greater risk-taking and will 'require firms to do more to monitor their culture and behaviour in a more principles-based regime. Ethics and professionalism become more important when the regulator steps back. Again, your charter and your qualifications speak to your professionalism and your awareness and adherence of a strict ethical code'.
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CFA UK is a diverse community of 12,000 investment professionals. We are part of the worldwide network of CFA Institute member societies. We grow talent by educating, connecting and inspiring investment professionals to build a sustainable future.