UK asset management trade body the Investment Management Association (IMA) has appointed two regulatory affairs directors in newly created roles to meet a growing need to focus on regulation.
Richard Metcalfe will join the IMA in mid-September as director of regulatory affairs focusing on institutional and capital markets. He joins from the International Swaps and Derivatives Association, where was deputy head, EMEA.
Julie Patterson, currently IMA director of authorised funds and tax, will take the role of director of regulatory affairs, focused on retail and funds.
Guy Sears, currently director, institutional for the IMA, will move into a newly created position of director, risk, compliance and legal. Sears’ current external stakeholder engagement duties will be largely assumed by Metcalfe.
“We are now better structured to take the IMA’s work forwards through 2014 and beyond, ensuring we’re concentrating on the objectives that will have the greatest impact on the industry’s ability to deliver vital outcomes to individuals and the economy,” IMA CEO Daniel Godfrey said in a statement.
The restructure signals the association’s need to help members navigate a more complex regulatory landscape. Regional and global regulations, such as the European market infrastructure regulation and the US Dodd-Frank Act, in addition to UK-specific rules, have put a greater strain on UK asset managers to understand and comply with new rules.
The internal shift comes months after the IMA listed it’s long-term goals and core focus, which it broke down into helping its members build client resilience to financial adversity and achieve financial aspirations, supporting aging populations and driving economic growth through efficient capital allocation.
IMA members manage over £4.5 trillion in assets under management.