Asia Securities Industry & Financial Markets Association (Asifma) has launched an asset management group to promote the interests of Asian asset managers at local, regional and global levels.

Asifma’s Asset Management Group (AAMG) is led by Eugenie Shen and had 15 members at launch. “AAMG was established to act as a collective voice of the asset management industry in the region,” said Shen, managing director and head of AAMG.

“Its mission is to promote the development of liquid, efficient and open capital markets in Asia by harnessing the shared interests of the industry, driving consensus, developing best practices and uniform standards, and effecting change that would lead to more competition and efficient intermediation of investors in the region.”

Mark Austen, CEO of Asifma added: “The addition of AAMG is a major element of our expansion over the past 18 months to encompass equities, compliance, post-trade and asset management in addition to our original division for fixed income. We are now a ‘full service’ financial association in terms of covering both buy and sell side.”

AAMG will work closely with its members, communicate with policy makers on regulatory issues, partner with existing associations locally and globally, and promote best practices and consistent market standards across the region.

“We are looking at developing best practices and uniform standards on various types of disclosure, quicker time to market for new products, passporting of funds and other initiatives that would help promote cross-border business expansion while reducing the overall cost of doing business in multiple jurisdictions,” said Shen.

AAMG is led by a steering committee comprising chairman Kai Sotorp, group managing director, head of Asia Pacific, UBS Global Asset Management; vice-chairman Ajai M. Kaul, chief executive officer, Asia Pacific ex-Japan, AllianceBernstein; vice-chairman Jed Laskowitz, chief executive officer Asia Pacific, JPMorgan Asset Management; and treasurer Lachlan Campbell, managing director & chief operating officer, Income Partners.

The current members of AAMG include AllianceBernstein, Amundi Asset Management, BlackRock, BNP Paribas Investment Partners, Eastspring Investments, Goldman Sachs Asset Management, Income Partners, J.P. Morgan Asset Management, Neuberger Berman, Principal Global Investors, Schroders, State Street Global Advisors, Threadneedle Investments, UBS Global Asset Management and Wellington Management.