The CFA Institute is arguing that more Australian asset managers should commit to professional codes of conduct.
The call has been made by Morningstar Asia-Pacific research strategy managing director, Anthony Serhan, who is also vice-president of the CFA Society of Sydney.
He said that in the wake of high-profile investment scandals during the global financial crisis (GFC), the need for asset managers to demonstrate an unwavering commitment to high standards of ethical and professional conduct was paramount and pointed to the development of the CFA Institute's Asset Manager Code of Professional Conduct.
"In Australia, as part of Investor First Week, we are encouraging Australian firms to commit to higher ethical standards in client relationships by signing up to the code," Serhan said. "Currently more than 950 asset management firms, investment firms, private banks and hedge funds in more than 30 countries have adopted the code. We are calling on more Australian asset managers to follow the lead of their global peers and raise the bar of conduct here."