Independent fund dealers’ group steps out of the shadows

The new executive director of the Federation of Independent Mutual Fund Dealers (FIMFD) wants to boost the trade association’s profile and membership base in 2006.

Consultant Sandra Kegie was appointed to the job in July after spending eight years as a compliance officer at various fund dealerships. She is also the founding chair of the Association of Canadian Compliance Professionals.

In a recent interview, Kegie conceded much of the FIMFD’s recent work has been behind the scenes. “There hasn’t been a lot of public lobbying. Perception matters to people. If we are perceived to be active, ergo we are, so we need to have both so that you get everyone’s support.”

One of Kegie’s first priorities will be to provide industry information to members, through the development of a website and other electronic communication, such as a newsletter. “That’s going to be my primary focus for the first half of the year.”

Although she wouldn’t reveal numbers, Kegie says the federation’s membership base is “relatively small” and that she will also be working hard to attract new members in 2006.

The FIMFD held its first official annual general meeting in December, voting on bylaws and electing a board of directors. Beyond those housekeeping items, members also discussed industry issues, such as the possibility of fund dealers being allowed to distribute exchange-traded funds.

“We have spoken with the MFDA and the OSC about this and we have a plan in place so we are going to move forward cautiously.” Kegie says.

The Portus situation was also discussed, since Kegie also sits on an industry committee set up to handle the fallout from the fund’s collapse last year.

“We’ve been working with Berkshire’s counsel of behalf of the dealer community,” she says. “We want to position ourselves in front of the regulators as being at the table and being included in the conversations to determine what may happen to dealers and advisors who participated in that distribution and ensure that everyone is treated fairly. We’re also closely monitoring court activity so we can provide information to dealers that they can in turn pass that on to their advisors and clients.”