IMCA: talking sophisticated advice

Next week, the Investment Management Consultants Association (IMCA) Australia will once again team up with MoneyManagement to present the annual Money Management/IMCA Fund Manager of the Year awards.

This year will mark the second year that the IMCA panel has analysed, debated and judged the many funds vying for the 12 award categories, as well as the coveted Fund Manager of the Year award.

But what exactly is IMCA? It’s a question asked by many within the financial services industry but with less frequency as the association’s activities become better known.

IMCA was established in the United States in 1986, with the Australian chapter starting up in 2000. The association’s aim is to provide an avenue for members of the investment consulting industry to keep in touch with current developments in investment strategies, legal and regulatory issues, and economic news.

IMCA’s raison d’être underpinning all its activities is to develop and promote high standards in the investment consulting profession, a mission championed locally in this country by IMCA Australia chair Lorraine Berends and the IMCA Australia board.

“At IMCA we’re talking about sophisticated advice,” Berends said. “There is an absolute mass of material to get across and increasing scrutiny on investment management techniques. Anyone interested in servicing sophisticated clients, whether at the institutional level or the retail level, needs to keep at the cutting edge. IMCA enables its members to stay at the cutting edge.”

According to Berends, IMCA has three primary objectives.

Firstly, to increase the profile of the investment consulting industry and promote the value of professionals working in the industry. Secondly, to provide quality professional development activities for its members, and thirdly, to encourage the professional conduct of members.

Membership in the Australian chapter is on an individual basis and currently stands at just under 200. It includes investment consultants, researchers, investment managers, financial planners, certified public accountants, lawyers, actuaries and superannuation fund executives.

“There is no strict criteria to join IMCA but applicants must have a desire to learn about investment consulting and improve professionally within the framework offered by IMCA,” Berends said. “IMCA membership is all about raising the bar within investment consulting.”

Adding to this, IMCA Australia director Anthony Lane said IMCA is the only dedicated professional association in Australia which recognises and addresses the specialist needs and concerns of the investment consulting community.

As part of this drive towards professional development, IMCA Australia provides its members with a range of services, including:

~Six seminars per year, run out of either Melbourne or Sydney, that cover topical issues such as ‘What institutional investors should do about climate change’, ‘Fundamental weighted indices’ and ‘Private equity’. These seminars are free to IMCA members as part of their membership package.

~ IMCA’s newsletter The Monitor, and The Journal of Investment Consulting, which focuses on the specific information and technical needs of investment consultants;

~ The annual IMCA half-day conference; and

~ The prestigious and accredited Certified Investment Management Analyst (CIMA) Program (see story at right).

Berends also added that the IMCA Australia board is currently looking at introducing half-day training sessions. These sessions will be different from the seminars and will build upon some of the information that is conveyed through the CIMA course.

“These half-day training sessions are something we’ve got on the drawing board at the moment. They will be aimed at a higher level for those members who want to explore topics in more depth,” Berends said.

Membership of IMCA Australia is $375 (before GST) per year. For more information, please contact IMCA Australia executive officer Yvonne Gray at Yvonne.Gray@ uts.edu.au.