The Investment Management Consultants Association (IMCA) has signed a deal with Graham Rich-owned firm Portfolio Construction Forum (PCF) that would see the organisation establish its educational mark in New Zealand.
Under the deal, inked with both IMCA’s US headquarters and Australian branch, PCF has been charged with managing and growing the association’s Certified Investment Management Analyst (CIMA) in Australia and New Zealand.
Rich said while IMCA was long-established in Australia, where it boasts about 475 members, the US-founded investment professionals’ organisation – and its CIMA accreditation – had to date made few inroads into the NZ market.
However, he said with new licensing conditions for investment businesses under the Financial Markets Conduct Act (FMC) the demand for formal professional qualifications should pick up in NZ.
According to Rich, the CIMA mark targeted those who worked in a range of investment industry roles including multi-management, portfolio construction, fund research and other similar positions.
“For example, in New Zealand CIMA would be useful for anyone involved in creating DIMS [discretionary investment management service],” he said.
Rich said CIMA was different from the Chartered Financial Analyst (CFA) designation, which was aimed more at those working at the funds management coalface.
PCF would be testing demand for CIMA in NZ over the next few months, he said.
In a release announcing the Australian deal last month, IMCA said it opted for the PCF partnership after a “strategic review of its operating model” last year.
IMCA Australia said it intended to work “more closely” with the international body to achieve a globally consistent approach to CIMA as well as growing “the CIMA community within Australia with the support of a strategic partner”.
IMCA was established in the US in 1985 with its Australian office opening in 2,000. The organisation claims about 475 Australian members but the majority of the group’s global headcount of 10,500 remain based in the US.
In 2011, CIMA became the first US “financial services credential” to meet international standards (ISO) criteria, the release says.
Rich said the IMCA deal represented a step up on the educational ladder for PCF, which has previously provided only continuing professional development to the industry rather than full-scale designations.