Categories: Offshore Investment
The asset management industry needs to work more closely with insurance companies over Solvency II requirements, according to a report from the European Fund and Asset Management Association (EFAMA) and KPMG.
Solvency II – which overhauls the capital and risk management regulatory framework for European insurers – should not be viewed as an ‘insurance-only issue’ as data provided to insurers from third parties, including asset managers, will also be held to the same strict quality standards, highlights the report.
The report, commissioned by EFAMA to highlight the key impacts the Directive’s data management and delivery requirements will have on the asset management industry, draws on feedback from a working group of industry executives led by KPMG and Aviva Investors.
Key challenges facing asset managers include:
According to Peter De Proft, Director General of EFAMA, the implementation of the Solvency II Directive will open the way for a new relationship between insurers and asset managers.
"One of EFAMA’s primary goals is to put investors at the heart of its strategy and with insurance companies accounting for 42% of total assets under management (latest EDAMA figures) for institutional investors, asset managers can considerably boost their significance, attractiveness and credibility by working closely with insurance businesses on this Directive. As the buy-side players of the financial industry, we hope to strengthen long-term trust among our customers in the insurance business and encourage policymakers to support the development of long-term investment.”
|Comment||European asset managers need to engage with Solvency II|
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