Spotlight on the ICMA Asset Management and Investors Council (AMIC)

by Nicolette Moser and Irene Rey

ICMA is one of the few member associations that includes representation from both the buy side and the sell side. Back in 2008, the then CEO of ICMA, René Karsenti, identified that the voice of the buy side was missing from discussions within ICMA. Recognising that it takes a village to raise a child, René enlisted the help of a team of supporters from across the spectrum of the buy-side industry, including Bob Parker (then at Credit Suisse), to establish the Asset Management and Investors Council (AMIC), which Bob chaired for many years, also working with René’s successor as CEO, Martin Scheck. They regarded as essential the need to include the “I” within AMIC, bringing together not just the expertise and experiences of asset managers but also asset owners, sovereign funds, private banks etc. It was never their intention to compete with the established national and European specialist investment associations. Still today, AMIC regards itself as complementary to, and not in competition with, other buy-side associations. From the outset, it was always envisaged that AMIC members would enable ICMA to bring together the expertise of the buy side and sell side on topics of mutual interest.

The very first meeting of AMIC was held in Zurich in 2008, chaired by Bob Parker. Since that first meeting, the AMIC has continued to follow the original mission. Today, the broader buy-side community of AMIC still sits under the umbrella of ICMA and continues to amplify the buy-side voice not only via AMIC but also by contributing directly to ICMA’s various committees and working groups. Over its 15-year history, AMIC has also engaged with policy makers and regulators to provide testimonies and evidence to support efficient market functioning, as well as joining the sell side under the ICMA umbrella to provide commentary covering a comprehensive overview of market functioning. As an example, the recently launched Bond Market Liquidity Taskforce brings together expertise from a broad range of market participants from both the buy and sell sides.

It is the AMIC Committee which drives strategy, meeting on a quarterly basis to discuss topics relevant to the buy side as well as engaging in constructive conversation with regulators and policy makers. Since 2020, the AMIC Committee has been co-chaired by Stéphane Janin of AXA IM and Massimiliano Castelli of UBS. AMIC Committee members continue to be drawn from across the broader buy-side community and consequently look to address a wide range of topics, covering both market practice and regulation, leveraging when needed the technical market expertise existing within ICMA. Market resilience and industry trends continue to be topics that remain as relevant today as they were in 2008.

Post pandemic, AMIC is also seeking to relaunch its in-person forum and activities. An event in Zurich is being planned for the autumn, and there will be a buy-side specific panel at this year’s ICMA Annual Conference in Paris as well as significant buy-side representation across the event. While the current membership of the AMIC Committee has a European focus, markets are global and the Committee seeks to advocate for global regulatory coherence. As ICMA builds its presence in Asia Pacific, AMIC is seeking to support ICMA in welcoming the buy-side voices in those markets. With the new co-chairs at the helm, AMIC is looking ahead to the next 15 years and beyond.

Contacts: Nicolette Moser and Irene Rey nicolette.moser@icmagroup.org irene.rey@icmagroup.org