Both boards have signed an agreement and shared details of the proposed amalgamation with their respective members and shareholders yesterday.

The ASA board says: “At the core of this amalgamation proposal is the goal of establishing a powerful entity that can work for the benefit of current and future investors, and provide a rounded approach to investors covering strengths from both the ASA and AIA.”

“To achieve this goal, it’s essential we have a smooth transition that maintains continuity of services to both organisations members, including membership transfer, ongoing member meetings and discussion groups, an expanded board and a future branding review of the organisation.”

The AIA board says: “The board’s decision to move forward the discussions with the ASA recognises the dynamic shifts in the financial industry.

“This is a pragmatic, forward-thinking step, driven by the objective of harnessing the collective strengths that will elevate financial literacy nationwide and safeguard the interests of individual investors.”

ASA CEO, Rachel Waterhouse says: “ASA has been protecting the rights of individual investors for over 60 years and like the AIA, we have always been dedicated to financial literacy, and investor education.”

“So, we believe there is a pre-existing alignment between both organisations in terms of purpose, values and visions that will allow for a seamless amalgamation and see the entities emerge with a stronger voice on investor issues as well as offering increased benefits to both organisations’ members.”

The proposed amalgamation will see an expanded membership base, reduced administrative costs, and, most importantly, expand the collective expertise, ideas, and ability to make a positive impact on investment issues for members.

AIA has proposed to close their organisation, and AIA members will be offered complimentary ASA membership of the same duration as their existing AIA membership.

The ASA board concluded, “There is no doubt this is great news for not only ASA and AIA members, but the industry as a whole.

“We will be able to provide larger and greater access to individual investors looking for an independent, knowledgeable and proven source of education and advocacy.”

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