core sector communique

Mass PRIM’s Michael G. Trotsky to Lead CFA Institute Asset Manager Code

More Firms Adopting Asset Manager Code of Professional Conduct as Investment Profession Moves to Restore Trust

New York, 9 August 2012

CFA Institute, the global association of investment professionals that sets the standard for professional excellence and credentials, has appointed Michael G. Trotsky, CFA, as chair of the Asset Manager Code Advisory Committee. The AMCAC is the advisory body for the Asset Manager Code of Professional Conduct™, the investment industry code that outlines the ethical and professional responsibilities of firms that manage assets on behalf of clients. Trotsky is the executive director of the $50 billion Massachusetts Pension Reserves Investment Management Board. 

The Asset Manager Code of Professional Conduct is a voluntary code of conduct designed to be a guidepost for investors seeking managers who adhere to sound ethical practice. Hundreds of firms throughout the world have adopted the code, and it has quickly become the standard for asset managers to send a strong message about the importance of ethical conduct in the investment profession.

“For millions of investors who place their trust in asset managers, the code represents the benchmark of ethical conduct they should expect from these firms. I am prepared and enthused to lead the effort to help asset managers actively foster that culture of integrity and trust,” said Michael Trotsky, CFA, chair of the Asset Manager Code Advisory Committee. “Firms that adopt the Asset Manager Code send a very clear and public signal that they are committed to ethical behavior and to protecting the interests of investors.”

More than 750 asset managers in 28 countries have registered their compliance with the Asset Manager Code of Professional Conduct. 

The Asset Manager Code of Professional Conduct is grounded in the ethical principles of CFA Institute and the CFA Program, and requires that managers commit to the following professional standards:

• To act in a professional and ethical manner at all times;
• To act for the benefit of clients;
• To act with independence and objectivity;
• To act with skill, competence, and diligence;
• To communicate with clients in a timely and accurate manner; and
• To uphold the rules governing capital markets.

CFA Institute

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow. CFA Institute has more than 113,000 members in 140 countries and territories, including 102,000 CFA charterholders, and 137 member societies.