New City Initiative, which represents leading independent UK asset managers, is now the Independent Investment Management Initiative (IIMI) following a rebrand.
The think tank was founded as New City Initiative in 2010 by 25 members with £75bn under management, in order to give a voice to independent, owner-managed asset management firms in the debate over the future of financial regulation.
Today, it is comprised of 44 independent firms from the UK and Europe, managing over £500bn and employing several thousand people. The IIMI Singapore was launched in 2019 in response to demand from asset managers in the region.
Commenting on the rebrand, IIMI 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. Our members are independent and owner-managed, and this is what really defines and differentiates them, since they are entirely focused on and aligned with the interests of their clients.
“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.”