Experts at the Investment Management Association have provided their views on the outlook for the investment management industry in the year ahead.

Commenting on the impact of recent turmoil in the Eurozone, Richard Saunders, chief executive of the IMA said: "Following last week's European summit, we will have to work hard to ensure the UK industry's voice is heard in Brussels. The EU regulatory agenda is enormous and the myriad of proposals will require a lot of effort from firms and trade bodies.
"The future of the Eurozone will continue to be a major concern for the investment management industry. Many IMA members are managing European investments and have significant businesses in continental Europe.
"Decisions in the coming weeks and months will have a real impact on the outlook for 2012, both in the UK and on the continent."

Richard Saunders said 2012 will be a year of major change in the UK. He commented: "Regulatory reform legislation will be making its way through Parliament, auto-enrolment and NEST will come on line, and preparations for the Retail Distribution Review will gather pace."

Jonathan Lipkin, head of research and pensions, said that the introduction of automatic enrolment would galvanize the UK pensions system: "The shift to defined contribution pensions brings both opportunities and challenges. In addition to the industry aiming to deliver first class pension provision, there is also a need to ensure that employers and employees have the means to understand and evaluate the services on offer.

The IMA has a number of concerns on MiFID (Markets in Financial Instruments Directive), a wide-ranging directive that seeks to enhance the single European financial marketplace, increase market transparency and improve investor protection.

Looking at the equity markets, Guy Sears, Director of Wholesale, added: "The European legislative programme on MiFID may freeze investment in equity trading technologies, as debates occur on the definition and regulation of Organised Trading Facilities (OTFs), such as broking crossing networks."
"We expect comprehensive proposals from the European Commission on UCITS, covering a wide range of issues, including the structure of certain exchange-traded products."

Julie Patterson said that the PRIPs (Packaged Retail Investment Products) initiative will bring clarity for retail consumers across Europe. She said: "The Commission's PRIPs initiative aims to make all forms of retail investment products subject to similar rules on product disclosure and selling.
"As EU citizens increasingly have to take responsibility for their financial situation post-retirement, a high quality, accessible and impartial advice market will be essential."