Who leads Europe’s fund associations, and how are they run?
A number of leadership changes have taken place across Europe’s fund associations, including the region’s overall representative at EFAMA. Here is an outline of the selection process for key positions at some of Europe’s major associations.
Claude Kremer was recently elected as the new president of the European Fund and Asset Management Association (EFAMA), which represents the collective interests of Europe’s fund industry. Kremer, chairman of ALFI, the national fund industry association for Luxembourg, was the only choice because a consensus had built up among EFAMA’s board members prior to the election, making his appointment a matter of process.
In the months leading up to the election, members felt it was Luxembourg’s turn to represent the funds industry at European level, in spite of a Luxembourger, Patrick Zurstrassen, having previously held the role in the 1990s.
At EFAMA, influence is linked to assets under management of the individual fund industries around Europe it represents. Luxembourg makes up about 10% of the share of the votes, France another 10%, the United Kingdom 8%, Germany 7% and Ireland 6%. Overall, country members account for around 70% of EFAMA votes.
The remaining 30% of votes is made up of asset managers that are direct EFAMA members. There are 50 corporate members, each with 0.6% of the vote.
In his new role, ALFI’s Kremer will take on a considerably broader challenge, due to the diverging nature of EFAMA’s interests and the need to engage with the European Commission, and the EU’s Parliament, both bigger challenges than Kremer had to deal with before.
Back in Luxembourg, ALFI unveiled Marc Saluzzi as its new president on 9 June, after two days of voting among its new board members.
As with Kremer at EFAMA, Saluzzi’s sole candidacy meant his position was virtually secure before the official vote. In ALFI’s previous election, when Kremer took up his post, there were two candidates up until a week beforehand. But Ulrich Binninger, then managing director of Pioneer Asset Management and chair of ALFI’s marketing committee, withdrew his candidacy, leaving Kremer as the only contender for the post.
Upon presenting himself as this year’s candidate, Saluzzi informed what was then the ALFI board (prior to it changing on 7 and 8 June) as to his intentions should he become chair. The board liked what Saluzzi had to say, giving him the backing needed to effectively guarantee he would inherit the role. Following a vote on the new board’s members, Saluzzi was duly elected.
Belgium’s asset management association recently changed its leadership. On 7 June, Myriam Vanneste from Dexia Asset Management replaced Erwin Schoeters, managing director of the asset management and private banking arm of bancassurer KBC, who held the post for three years.
As per BEAMA’s selection process, alongside the president, one or two vice-presidents are elected by its board. Hugo Lasat at private banking and asset management group Petercam and Paul Van Eynde at ING Investment Management jointly took on the roles of vice-president.
BEAMA has eight board members, including Vanneste, Lasat and Van Eynde. The others are Olivier Lafont of BNP Paribas Investment Partners, Eric Nols at Degroof Fund Management, Marc Vermeiren at custodian RBC Dexia Investor Services, and Johan Lema, who replaces Alex Wolfers as KBC Asset Management’s representative on the board.