BACKGROUNDER
11 June 1998
The ISI (Investment
Savings and Insurance Association)
The ISI is an
industry association representing 30 major institutions in the financial services sector.
Its members manage around $20 billion in investments for some 1,500,000 New Zealanders.
The ISI has three
broad corporate objectives:
- To promote and enhance the
interests of its members;
- To promote the industry as a
medium of investment and protection for New Zealanders;
- To enhance the profile of both the
industry and its members.
The Association
was formed in October 1996 through a merger between the Investment Funds Association of
New Zealand (IFA) and the Life Offices Association (LOA).
The LOA had been
the representative body for the life insurance industry, while IFA acted for the managed
fund industry. The merger recognised that the evolution of the financial services industry
had created a substantial overlap in the interests of the two bodies. It was decided that
combining the interests of both bodies would be a better way of achieving the objectives
of the insurance and savings industries.
Chairmanship of
the ISI is rotated among the CEOs of the 30 full members, and is for a term of two years.
Ross McEwan, Chief Executive of National Mutual is the current chairman. Deputy chairman
is Paul Fyfe, General Manager of fund manager Armstrong Jones.
