South African appointed chair of the International Investment Funds Association
Leon Campher appointed chair of the International Investment Funds Association
The International Investment Funds Association (IIFA) will be chaired by a representative from Africa for the first time in its 30-year history.
Leon Campher, CEO of the Association for Savings and Investment South Africa (ASISA), was appointed IIFA chairman at the recent IIFA Annual Conference held in Zurich, Switzerland. Yoshio Okubo of the Japan Investment Trust Association (JITA) was appointed deputy chairman.
The IIFA consists of 41 domestic and regional investment funds associations from around the globe representing assets under management of US$44.7 trillion as at the end of the second quarter of 2017.
ASISA is one of only 15 associations holding tier one IIFA membership. Returning from the IIFA Conference, Campher said the local savings and investment industry is highly respected internationally and recognised for a number of world leading initiatives including the Effective Annual Cost (EAC) Standard and the regulation of hedge fund products.
The EAC Standard, which came into effect last year, facilitates a standardised approach to cost disclosure by product providers that consumers and advisers can use to compare charges in a meaningful way irrespective of whether the product is a unit trust, a living annuity, a retirement annuity or an endowment policy.
The IIFA has seven working committees that focus on International Regulatory Affairs, Cybersecurity, Pensions, Investment Funds Accounting, Taxation, Statistics, and Social Media. ASISA’s senior policy advisers are represented on most of these committees. The role of the IIFA is to:
Advance the interests of investment fund investors;
Facilitate the continued growth of the investment funds sector internationally;
Promote public understanding of investment funds around the world; and
Encourage adherence to sound practices and high ethical standards by all participants in the investment funds industry.
There is close interaction between the IIFA and the International Organization of Securities Commissions (IOSCO), the body that brings together the world's securities regulators. IOSCO engages with the Financial Stability Board on the global regulatory reform agenda.