Syyrilä, who has has been a member of the Efama’s board since 2008, will now assume responsibility for regulatory activities.
The IMA has said it is not going to replace Syyrilä, who held a number of senior positions promoting and lobbying on behalf of the UK’s investment industry since 2006, deciding instead to split his responsibilities between its existing directors.
Syyrilä was recently involved in lobbying on behalf of the UK fund industry in relation to the controversial Alternative Investment Fund Managers Directive (AIFMD) and the impending Ucits IV regulation. In May he gave a speech to over 500 representatives from the European fund industry at an event in London, warning them the AIFMD could have “grave unintended consequences” for Europe’s funds industry.
The IMA’s decision not to replace Syyrilä is likely to raise questions about the association’s ability to lobby in Europe on behalf of the UK.
In a statement it said: “The IMA will not replace Jarkko Syyrilä directly, as the IMA’s senior team is already heavily engaged in direct EU-level dialogue on their particular issues.
“For example, Julie Patterson is engaged on funds and tax issues, Jane Lowe on OTC derivatives, Liz Murrall on the EU corporate governance initiatives and Guy Sears on the MiFID review. Our approach is to build on what we are doing already, with the relevant Directors within the IMA taking on leadership both internally and within EFAMA. Julie Patterson, director of authorised funds and tax, will take responsibility for co-ordination of IMA’s efforts with the EU and maintaining relationships. ”
The statement added IMA already has “a good dialogue with Efama” and communications between the two organisations “will only improve further with the appointment of to Syyrilä Efama.”
Peter de Proft, director general of EFAMA said: “Strengthening the asset management industry’s representation is one of Efama’s key priorities and we are very happy that Jarkko is joining our team.
“His reputation, knowledge and experience will undoubtedly be instrumental in contributing to Efama’s regulatory activities. Restoring investor’s confidence, investor protection and the creation of a favourable environment for long term savings are a priority for EFAMA and Jarkko’s input will help achieving these objectives."