The director general of the European Fund and Asset Management Association (Efama), Peter de Proft, has spoken out on how the raft of European-level regulation will impact the industry.
Addressing the International Capital Market Association’s (ICMA) AGM last week, the Efama chief said the asset management and fund industry needed to work towards restoring investor confidence.
“Primary funds are all shaken up by first the financial crisis, then the sovereign debt crisis,” he said. The distribution model had also been shaken up. The industry would need to focus on selecting good products as a result, he said.
“We talk about a tsunami of regulation, and yes a...