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11 November 2008

New Groups on Insurance and Asset Management

Ensuring the long-term strength of the UK’s insurance and asset management industries is the focus of two new government-industry groups to be co-chaired by the Chancellor, Alistair Darling MP together with Andrew Moss, Chief Executive of Aviva, and Robert Jenkins, Chairman of the Investment Management Association.

Announcing these two groups, the Chancellor said:

“It is essential that we consider our longer-term priorities across all areas of financial services, so that as we emerge from the current period of economic turbulance, we are positioned to remain at the forefront of this industry. I look forward to working with Andrew and Bob to consider how the UK’s insurance and asset management industries can rise to the challenges and opportunities ahead.”

Aviva’s Andrew Moss, co-chair of the insurance group, commented:

"I'm delighted to have this opportunity to shape the future landscape of the UK insurance industry. We're facing challenging times, but it's important to focus on the opportunities and build on our learning to ensure that the financial services sector continues to make a vital contribution to the UK economy."

Co-chair of the asset management group, IMA Chairman Bob Jenkins said:

“Asset management is at the centre of financial flows and the UK is the leading centre for asset management in Europe. The challenge is to retain and build on this position. I am honoured to have an opportunity to look ahead and help to shape the future.”

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Notes for Editors

  1. The Insurance and Asset Management working groups will meet regularly to examine challenges and opportunities for these sectors over the next 10-15 years. The Insurance group met on Thursday 6th of November, for the first time. The first meeting of the Asset Management group will be 2 December. Both will report back to the Chancellor by summer 2009, on key issues for industry and policy-makers to address.
  2. In the 2006 Budget the then Chancellor, Gordon Brown announced a commitment to establish a High-Level Group of senior representatives from across the financial sector, to develop and support a new strategy to promote London as the leading international financial centre. The High-Level Group has since met four times: on 18 October 2006, 9 May 2007, 14 November 2007 and 12 June 2008. 
  3. At the High-level Group meeting on June 12, its future plans were discussed. It was agreed that the High-level Group would meet broadly at the same frequency as previously, supplemented with smaller groups taking forward strategic work on specific issues related to the City competitiveness agenda, including the Financial Services Global Competitiveness Group, Professional Services Group and the Rights-Issues Review Group. 
  4. The Chancellor also announced further industry groups to focus on live topics related to the UK-based insurance  and asset management sector, and the wholesale financial services industry. 
  5. The asset management group will consider a wide range of strategic issues across the industry, including open and closed-ended funds and mandate-based asset management, and identify further steps the UK can take to ensure its position as the location of choice for asset management. 
  6. The insurance working group will be represented through the life, general, reinsurance, wholesale, consultancy and distribution sectors. The group will cover all aspects of the insurance value chain, analysing the medium to long-term market challenges and opportunities facing the UK insurance industry against the changing domestic and international insurance, reinsurance and regulatory landscape.
  7. The groups will be time-bound and industry-led, and will be a continuation of the Treasury's efforts to strengthen its engagement with individual sectors in the UK financial services industry.
  8. Members of the Insurance Industry Working Group are:
    Tim Breedon, Group Chief Executive, Legal and General 
    Sandy Crombie, Group Chief Executive, Standard Life 
    Archie Kane, Chief Executive, Scottish Widows 
    Adrian Brown, UKChief Executive, Royal Sun Alliance 
    Richard Ward, Chief Executive, Lloyd’s of London 
    Steve Taylor-Gooby, Managing Director, Tillinghast 
    Brendan McManus, UK and Ireland Chief Executive, Willis 
    Nick Prettejohn, UK and Europe Chief Executive, Prudential 
  9. Members of the Asset Management Industry Working Group will include:
    Donald Aiken, Chairman Institutional Money Market Funds Association and Managing Director, Morgan Stanley Asset Management 
    Robert Higginbotham, President - Europe, Fidelity International 
    Sarah Bates, Deputy Chairman, Association of Investment Companies; Chairman, Rutley Russia Property Fund 
    Dean Buckley, Chief Executive, Scottish Widows Investment Partnership 
    Elizabeth Corley, Chief Executive, Allianz Global Investors 
    Martin Gilbert, Chief Executive, Aberdeen Asset Management 
    Colin McLean, Managing Director, SVM 
    William Nott, Chief Executive, M&G Securities 
    Dan Waters, Sector Leader, Asset Management, FSA 


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