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UK sets up financial industry think-tanks

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LONDON – Two new joint UK government and industry groups are to be created for the insurance and asset management sectors. UK chancellor Alistair Darling will co-chair the insurance group with Aviva chief executive Andrew Moss and the asset management group with chairman of the Investment Management Association (IMA) Robert Jenkins.

The UK Treasury says the groups are being created to ensure the long-term strength of UK insurance and asset management. It is reported the two think-tanks will have a life span of at least 10 to 15 years. The insurance group met for the first time on November 6, and the asset management group is scheduled to meet on December 2.

“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 turbulence, we are positioned to remain at the forefront of this industry,” says Darling. “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.”

Moss says: “We're facing challenging times, but it's important to focus on the opportunities and build on our learning to ensure the financial services sector continues to make a vital contribution to the UK economy.”

“Asset management is at the centre of financial flows and the UK is the leading centre for asset management in Europe,” says Jenkins. “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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