Report on Global Financial Services in New York and US
McKinsey & Company has recently issued a report that provides an overview of the financial services industry and its importance in the broader context of the New York City and US economies. The report, which was sponsored by New York City Mayor Michael R. Bloomberg and US Senator Charles E. Schumer (NY), identifies some of the external forces that challenge the preeminence of New York and the nation as financial service centers in a global economy. It also indentifies domestic drivers of competitiveness that policy makers can influence. Working with the New York City Economic Development Corporation, McKinsey & Company offers a series of recommendations to sustain New York's and the nation's global financial services leadership.
The report explains that financial services - defined as retail and corporate banking, securities, and insurance - has been impacted by a complicated regulatory framework, the implementation of Sarbanes-Oxley and meritless securities lawsuits. Furthermore, New York is at risk of falling behind in attracting qualified domestic and foreign talent. The report identifies several critically important near-term national policies which include:
1. Providing clearer guidance for implementing the Sarbanes-Oxley Act
2. Implementing securities litigation reform
3. Developing a shared vision for financial service and a set of supporting regulatory principles.
Like other areas of SIFMA, the Asset Management Group will review the McKinsey & Company report. In particular, the AMG will review proposed changes in this report that would streamline the regulatory and legal system and thereby promote the business environment of the city and the nation.
Click here to read "Sustaining New York’s and the US’s Global Financial Services Leadership”
Workshop for Investment Managers and Custodians
The Asset Managers Forum is sponsoring an important workshop for asset managers and custodians to discuss the following fundamental question:
How Can Investment Managers and Custodians Better Serve their Clients?
This workshop will be held in New York City, on Thursday, February 8, 2007, at the Global Financial Markets Conference Center, 360 Madison Avenue (entrance on 45th Street, 17th Floor).
This workshop will address topical and relevant issues, such as the reconciliation process, client expectations and Investment Management Agreements, the culture of relationship management, industry standard SWIFT messages and client service.
Click here to register for this event. For more information, please call Diane Trupia of the AMF staff at 646-637-9270 or email dtrupia@sifma.org. Sponsorship and exhibit opportunities are available. For more information, please contact Jenifer Walter at 646.637.9290 or email jwalter@sifma.org.