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CFA Institute Editorial Viewpoint: AIMR = FAF + ICFA Author(s): C. A. D. Source: Financial Analysts Journal, Vol. 46, No. 1 (Jan. - Feb., 1990), p. 4 Published by: CFA Institute Stable URL: http://www.jstor.org/stable/4479287 . Accessed: 18/06/2014 02:03 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. . CFA Institute is collaborating with JSTOR to digitize, preserve and extend access to Financial Analysts Journal. http://www.jstor.org This content downloaded from 195.34.78.108 on Wed, 18 Jun 2014 02:03:10 AM All use subject to JSTOR Terms and Conditions

Editorial Viewpoint: AIMR = FAF + ICFA

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Page 1: Editorial Viewpoint: AIMR = FAF + ICFA

CFA Institute

Editorial Viewpoint: AIMR = FAF + ICFAAuthor(s): C. A. D.Source: Financial Analysts Journal, Vol. 46, No. 1 (Jan. - Feb., 1990), p. 4Published by: CFA InstituteStable URL: http://www.jstor.org/stable/4479287 .

Accessed: 18/06/2014 02:03

Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at .http://www.jstor.org/page/info/about/policies/terms.jsp

.JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range ofcontent in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new formsof scholarship. For more information about JSTOR, please contact [email protected].

.

CFA Institute is collaborating with JSTOR to digitize, preserve and extend access to Financial AnalystsJournal.

http://www.jstor.org

This content downloaded from 195.34.78.108 on Wed, 18 Jun 2014 02:03:10 AMAll use subject to JSTOR Terms and Conditions

Page 2: Editorial Viewpoint: AIMR = FAF + ICFA

Editorial Viewpoint

AIMR = FAF + ICFA

FAJ readers who perused this issue's masthead

page may have stumbled at an unfamiliar

name?The Association for Investment Man-

agement and Research. The Financial Analysts Federation (sponsor of, among other things, the

FAJ) and the Institute of Chartered Financial

Analysts have merged. The Association for In-

vestment Management and Research (AIMR) is

the operating parent of the newly formed hold-

ing company. AIMR represents the fruition of a Combina-

tion Proposal initiated in 1987. Many of our

readers will be aware of the months of effort that

went into clearing the way to final approval of

the merger by ICFA members and FAF mem-

bers and delegates. These efforts were capped

by the first meeting of the AIMR board in

January. The merger was motivated in part by the

desire to streamline operations of the two orga- nizations and reduce duplication of effort in

several areas. As Alfred C. (Pete) Morley, pres- ident of the FAF and ICFA and CEO of AIMR, notes:

The merger will provide the new membership with improved cost effectiveness, a streamlined

management and operating structure, one voice

speaking for the entire profession, improved pro- gramming and education initiatives, and consol- idation of overlapping missions and strategies into more productive benefits and services to

members

Any marriage, at its best, yields more than the

sum of its parts. Beyond the obvious physical economies of scale, the merger can draw to-

gether and harness the energies of its constitu-

ents. It is these economies of scale, associated

with the generation of ideas, that most compel the merger and offer the greatest promise for the

enlargement and betterment of analysts individ-

ually and as a profession. The merger per se does not ensure this impor-

tant result. Once the necessary organizational structures are in place, success will depend in

large part on the good will of FAF and ICFA

members and, in particular, their willingness to

set aside any issues of "turf." The "turf" now is

the financial analysts community worldwide.

The merger can succeed only to the extent that

the members of this community commit their

hearts and minds to making it work.

In this regard, the "research" in the organi- zation's title merits our full attention. It is prac- titioner-oriented research and its dissemination

through educational efforts that fosters the

growth of analysts' minds and hearts. Research

is, of course, fraught with peril; it crosses un-

known chasms and may challenge deeply held

biases. But when the risks are taken, the bene-

fits redound to all.

AIMR will be "bigger and better." It will be its

best, however, only if its members and leaders

accept the research challenge?to drop new

pebbles into the finance pond, to see not only

upon what shores the ripples wash up, but also

how far and wide they play out. It is the vision

of intellectual growth on the horizon, the

knowledge that research will foster a richer,

deeper and better-informed investment commu-

nity, that makes the effort worthwhile.

?C.A.D.

FINANCIAL ANALYSTS JOURNAL / JANUARY-FEBRUARY 1990 D 4

This content downloaded from 195.34.78.108 on Wed, 18 Jun 2014 02:03:10 AMAll use subject to JSTOR Terms and Conditions