UK re-establishes asset management taskforce with new members


The UK’s Economic Secretary’s Asset Management Taskforce has been joined by five new senior executives from the UK’s world-class investment industry.

The CEO of Royal London Asset Management Hans Georgeson, Artemis senior partner Mark Murray, M&G Asset Management CEO Joseph Pinto, Columbia Threadneedle CEO EMEA Nick Ring and Baillie Gifford CEO Andrew Telfer have joined the taskforce following Chancellor Jeremy Hunt’s recent Edinburgh reforms.

Some of the other members of the taskforce include NEST CEO Helen Dean, BlackRock head of EMEA Stephen Cohen, Investment Association CEO Chris Cummings, Schroders CEO Peter Harrison and FCA executive director Sarah Pritchard.

The Economic Secretary has also launched a new Technology Working Group, which will run in parallel to the Taskforce to examine the impact of new technology on the asset management sector.

The group – chaired by Michelle Scrimgeour – CEO, Legal and General Investment Management – will work to articulate the benefits of technology for investors and industry, and will identify the main opportunities presented by technologies including tokenisation, artificial intelligence and distributed ledger technology.

The group’s membership will be drawn from Taskforce members, government and regulators, and wider non-asset management stakeholders. It will hold a series of meetings over the next year and subsequently produce a final report to the Taskforce.

The report will explain the group’s findings and contain guidance and recommendations for government, regulators and industry.

Economic Secretary to the Treasury Andrew Griffith said, “Investment management is of central importance to the UK economy and I am determined to help it continue to flourish.

“The UK is well-placed to take advantage of the opportunities presented by new technology in financial services, and I look forward to the Technology Working Group’s findings with great interest.”

Earlier this year, a report claimed that the UK could lose its position as the global leader in open banking unless drastic action is taken.

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