A new body for New Zealand investment professionals has been formed with the aim of supporting high ethical standards in the investment management industry.
A new body for New Zealand investment professionals has been formed with the aim of supporting high ethical standards in the investment management industry.
The New Zealand Society of Investment Professionals (NZIP) has been established as the local chapter of the international organisation the Association for Investment Management and Research (AIMR). The AIMR has 43,000 members in close to 100 countries.
President of the NZIP and head of William M Mercer in New Zealand, Louis Boulan-ger, says the new body is a result of the growing globalisation of the investment in-dustry and the increasing demand for the Chartered Financial Analyst (CFA) creden-tial.
“The society will work to promote the highest level of investment ethics and educa-tion among industry professionals working in increasingly global capital markets,” Boulanger says.
“The CFA designation is a symbol of that integrity, as charterholders must comply with the AIMR’s code of ethics, requiring them to always place the client’s interests first; maintain independence and objectivity; and serve with integrity and honesty.”
He says the New Zealand market is particularly in need of ethical standards as it is lightly regulated compared to most other countries.
“Our society of professionals hopes to play a constructive role in any regulatory re-form and to raise the bar in terms of conduct expected from investment market profes-sionals,” Boulanger says.
The NZIP currently has 25 members ranging from asset consultants to sharebrokers.
Boulanger says while no financial planners have joined the organisation yet some have shown an interest.
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