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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 .
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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
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