Richard H. Baker, MFA President and CEO, and Florence Lombard, AIMA CEO, made the joint announcement saying, âMFA and AIMA will develop a framework for increased cooperation on issues of common interest such as the adoption of a global, principles-based regulatory system which will unify our members across jurisdictions and foster industry-wide compliance with the highest levels of sound business practices and integrityâ.
Initially, MFA and AIMA will develop an information exchange, participate on each othersâ Boards, discuss the development of shared initiatives and collaborate on educational seminars.
Christopher Fawcett, AIMA Chairman, said, âAIMA and MFA are seeking closer cooperation on issues of mutual interest and our aim is to facilitate communication among our members that will promote a unified approach to issues that impact our businesses and our ability to meet our investorsâ needs. The international convergence of sound practices is the right way forward for the industry, and the demand and challenge now is for the industry to bring about convergence between the various standards proposed.â
Eric Vincent, MFA Chairman, said, âOur members collectively represent the vast majority of alternative investment fund groups worldwide. We seek to establish a unified global industry voice, to avoid duplication of effort on common initiatives and to foster market disciplines and efficiencies for our members, counterparties and investors worldwide.â