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The Changes Ahead – The IAPM, CIIA And The Future Of Investment Advisory

Associations & Practice	4238 VIEWS
Associations & Practice
4238 VIEWS

Thursday, November 08, 2018 03:15PM / By IAPM / CIIA

IAPM is currently a 32-year old movement birthed by the collective efforts of very prominent Nigerians including the likes of the late Deacon Gamaliel Onosode, Chief Olasubomi Balogun, Chief Ajibola Ogunsola, late Mr. F.N. Akpe, Chief ‘Femi Adetunji, Prince Leke Fadina, and a host of other dignitaries then leading the Nigerian finance and investment industry.

Originally known as the Association of Pension Funds and Investment Managers (APFIM) with the primary objective to protect the real purchasing power of contributors into pension funds and other long-term investment savings in the country by top level policy advocacy especially in the management of tax incidences on such funds, the association championed the cause of capacity building in the investment of pension funds in line with acceptable global standards, and have over the years evolved into other relevant functionalities in lockstep fashion with global dynamics in the industry.

At the advent of the pension reform Act in 2004, and the then impending holistic changes in the domestic capital market legislation and rules, the body re-strategized and metamorphosed into Association of Pension Funds of Nigeria (APFN), fashioned after, and actually having an affiliation with the UK National Association of Pension Funds (NAPF).

Yet again in the wake of the great recession, the idea was mooted for the association to holistically embrace the fundamental role of investor protection across board and following another round of critical strategic visioning in 2009, the APFN yielded way to what is today known as IAPM – short for Association of Investment Advisers and Portfolio Managers in 2010/11. With this change, a comprehensive curriculum of study in the appropriate discipline was drawn up under a much-enlarged council of experts in the field of financial planning and portfolio management, focusing more on the crucial need to build industry capacity on the go.

With this new direction, IAPM raised the bar of pragmatic learning by the immediate expansion of its faculty in the delivery of high standard training programmes in the advisory and portfolio management spheres.

However, through all the years of its existence and value driven services, the association’s objectives have been steadfast along the following key focus areas:

Provision of advisory services for the efficient management of Pension and similar Trust Funds;
Co-ordination of the investment activities of members and facilitation of the exchange of information to their mutual advantage as well as that of their clients;
Education of members and other interested publics in the intricacies of Pension and Investment management matters for enhanced proficiency and;
Promotion, support and expression of opinion on legislative matters or other issues affecting the aforesaid objectives.

By this latest transformation however, the association is streamlining its renowned roles of capacity building and advocacy into two separate and distinctive market development initiatives in line with the on-going implementation of the 10-year strategic plan of the domestic capital market viz:

i. establishment of a broad-based professional curriculum provider in the investment advisory (retail) and portfolio management discipline, and

ii. establishment of a duly approved professional practice management organization saddled with the administration of the domestic practice’s Standards and Code of Ethics geared towards investor protection in alignment with global best practice.

To the effect of the second objective, the SEC graciously approved the establishment of the Association of Corporate and Individual Investment Advisers – CIIA, on the 20th of April 2018 as the sole recognized trade group for investment advisers in Nigeria.

In summary, whilst the IAPM reforms into a full-fledged curriculum provider for the certification of investment advisers, practicing professionals of this discipline will come under a first-level regulatory control of their practice under a second-and-final SEC regulatory authority and an approved Professional Standards and Code of Ethics to be adhered to by all regular members of the CIIA.

More information, visit - www.aiapm.org

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The November 14, 2018 Meeting

Find below the details of IAPM's 2018 Members Forum coming up on Wednesday 14th November at Oriental Hotel, Lagos at 4pm where IAPM will be introducing the Association of Corporate and Individual Investment Advisers ( "CIIA") to the public.

CIIA has been approved by SEC as the trade group for Investment Advisers registered by the Securities and Exchange Commission ("SEC") and the forum will have the Ag DG SEC, President and CEO of NSE in attendance.

Also. Mr. Bolaji Balogun, CEO/MD of Chapel Hill will be presenting a paper on Investment Advisory Service with the following as panelists: