The European Fund and Asset Management Association (EFAMA) has chosen Jean-Baptiste De Franssu as its new president for a two-year term, and Claude Kremer as vice-president.

Formerly vice-president, de Franssu is the CEO of INVESCO Europe, and joined the branch in France as managing director in July 1990, transferring to his current position when INVESCO Europe was founded in 1996. Kremer is chairman of the Association of the Luxembourg Fund Industry (ALFI) along with being a founding partner and head of Investment Management of Arendt & Medernach, based in Luxembourg.

"The coming two years will be a time of unique opportunities, with a new Parliament and Commission, a new pragmatism and new challenges," commented de Franssu in his election speech at the AGM in Athens. "Distribution and pensions seem to me to be the next two biggest challenges for our industry. Distribution is where our clients and products meet. We need to review this area to ensure that investors are well served by our distributors and empowered to make coherent financial planning decisions. Pensions solutions in Europe are fragmented and often inadequate. Our industry therefore has a duty to play a leading role in the debate over the future of pensions. Why? Because we can offer one of the most robust containers for pensions savings: UCITS."

EFAMA, Europe's voice for the investment management industry, has presented a convoluted and challenging agenda for the following two years, remaining loyal to the association's aims to support a high level of investor protection, promote the completion of an effective single market for investing management and the creation of an equal playing field for competitors in saving and investment products and lastly to strengthen the competitiveness of the industry.

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