ASIM retreats from talks with stockbrokers' group

MERGER: discussions with APCIMS have been shelved

The Association of Solicitor Investment Managers (ASIM) has backed out of merger discussions with the Association of Private Client, Investment Managers and Stockbrokers (APCIMS) to preserve an independent lobbying position.The two groups were discussing merger in the run up to the Financial Services Authority assuming regulatory control over them later this year.ASIM chief executive Heather Martin said that although the two organisations had a huge amount in common and would clearly benefit from pooling their resources for training and regulatory needs, after taking soundings, ASIM's board took the view that the group would not get the 75% membership support required for a merger.It was maintained that ASIM members - who will differ from APCIMS members insofar as they will be regulated by the Law Society as well as the FSA - will have the need for a distinct lobbying voice when the new regime comes in.Size was probably also a factor - ASIM has 50 members compared with APCIMS's 205.A spokesman for APCIMS said that although the group represents firms with a total of 330 billion under management investment - whereas ASIM represents firms with about 3 billion - under the merger proposals, ASIM would not have lost its identity.ASIM treasurer Christopher Jones-Warner, head of investment management at London law firm Bircham Dyson Bell, said there was a perception that solicitor investment managers had a particular impartial approach and distinct training that might be watered down by a merger.Jeremy Fleming