Categories of Membership and How to Apply

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There is an appropriate level of participation in ASIM for all applicants - investment firms or firms of solicitors (or companies substantially owned by solicitors) which are either authorised and regulated by the Financial Services Authority (FSA) or are involved in giving investment advice to clients with the help of other professionals who are authorised by the FSA. Commercial entities which work closely with ASIM members may be invited to become commercial associate members where it is clear that contact between investment management members and the commercial entities will be helpful to both parties by making the commercial entity understand members better, for example software providers who may be encouraged to adapt their products to be more efficient.

Investment firms and companies may be full or associate members. Organisations which provide courses accredited by one of the Law Societies may join ASIM as academic affiliates. This classification was introduced in response to a request from the College of Law.

Since 1 December 2001 every firm of solicitors (or company majority owned by solicitors) acting as a portfolio adviser or discretionary portfolio manager must be authorised and regulated by the FSA. Additionally, since December 2003 the board may admit to ASIM firms of professional investment managers not substantially owned by solicitors. Firms wishing to join ASIM which are so authorised and are offering investment management services will usually be full or associate members.

Full Membership

Full members must:

• be a firm of solicitors (including a sole practitioner and whether incorporated or not), a company or partnership including Limited Liability Partnership controlled by the partners of a firm or firms of solicitors or a firm of professional investment managers not substantially owned by solicitors;
• provide the services of managing investments and/or advising on investments as defined by the Financial Services and Markets Act 2000, with individuals undertaking designated investment business in securities (as defined in the FSA Handbook and the Regulated Activities Order);
• be authorised to conduct investment business under the Financial Services and Markets Act 2000.

A full member is entitled to use the ASIM logo under licence, have an entry on the ASIM website, receive newsletters and have access at preferential rates to training, workshops and the conference, attend regional meetings and to receive general support. The nominated representative of a full member firm is entitled to vote at annual and extraordinary general meetings. The annual subscription is £1000 + VAT, plus an application fee of £400 + VAT.

Please click here to download an application form.

Associate Membership

Associate membership is for firms which :

• Advise on investment policy or strategy, or advise on selection of investment managers, or assist in decisions on strategic asset allocation; or
• offer advising, arranging or dealing services on packaged products but not securities; or
• offer some investment services using external brokers or are interested in investment management for whatever reason.
• Associate members may be firms considering entering investment business, or those who are particularly active in trust work or private client work or those providing other services for solicitor investment managers.

In addition firms must be :

• authorised to conduct investment business under the Financial Services and Markets 2000 or
• exempt within Part XX of the Financial Services and Markets Act 2000 and subject to the designated professional body regime of one of the Law Societies or accountancy bodies.

The benefits of associate membership include the right to attend, but not vote at annual and extraordinary general meetings and; to attend regional meetings, access to preferential rates at training courses, the annual conference and winter general meeting; to receive the association's newsletter and to have a short-form entry on the ASIM website and to receive general support. An associate member does not form part of the legal entity that is the association and must not hold itself out as being a full member of ASIM. The annual subscription is £500 + VAT, plus an application fee of £125 + VAT.

Please click here to download an application form.

Alumnus members

The Board is empowered to invite exceptional organisations to accept the status of alumnus membership.

Alumnus membership annual subscription £500 + VAT.

Commercial Associate Members

This category of membership is by invitation only. It is for companies which supply or seek to supply services to ASIM members and wish to join the association in order to understand the membership and their needs better. “Cams” receive these benefits:-

• newsletters and bulletins
• attendance at ASIM courses, regional meetings or conferences at normal member rates
• listed on the ASIM website
• the ASIM secretariat retains brief promotional materials for members (if required).

Commercial associate current annual subscription £3,000.

Applying to Join

Applications for membership may be made on the appropriate form available from the secretariat or downloaded here. Applications for full and associate membership are considered by the board. Subscriptions are paid annually in advance and are due on 1 July. Firms joining during the year pay pro rata.