Boutique asset management think tank New City Initiative (NCI) has rebranded to the Independent Investment Management Initiative (IIMI).
The IIMI was founded as New City Initiative in 2010 by 25 founding members with £75 billion under management. The aim of the firm was to provide a voice to independent, owner-managed asset management firms in the debate over the future of financial regulation.
Today, it consists of 44 leading independent firms from the UK and Europe, managing over £500 billion and employing several thousand people. Meanwhile, The IIMI Singapore was launched in 2019 in response to demand from asset managers in the region.
Explaining the thinking behind the rebrand, Independent Investment Management Initiative chairman Nick Mottram said: “We are very pleased to unveil our new name, the Independent Investment Management Initiative. New City Initiative was founded in the wake of the global financial crisis at a time when the City of London was undergoing a time of significant regulatory change as it sought to re-build its reputation. However, we felt that the name had less relevance today, especially since we now have members in Continental Europe and Singapore, and we wanted a name with global resonance. The Independent Investment Management Initiative far better encapsulates who we represent and what we stand for.”
Commenting on the growing importance of boutiques, he added: “We firmly believe that boutiques play an important role in preserving the stability of the wider financial sector, in addition to encouraging competition, and we shall continue to promote their values and practices, while giving them a voice in the conversation around financial regulation.”
The new website can be found at www.theiimi.org.