"INVESTMENT PROFESSIONALS" INAUGURATED

Setting a higher standard for Pakistan's investment community

PAGE REPORT
Sep 23 - 29, 2002

The Pakistan Chapter of Investment Professionals (PCIP) was formally inaugurated recently by Shaukat Aziz, Minister for Finance and Economic Affairs. On this auspicious occasion, a seminar was also held on the "Role of Investment Professionals in the Development of Pakistan's Financial Sector". PCIP is affiliated with and is the local representative body of the globally recognized Association for Investment Management and Research (AIMR). The society has been launched with 40 founding members, of which 39 hold the prestigious Chartered Financial Analyst (CFA) credentials.

Speaking on tho occasion the Minister felicitated the office bearers of PCIP and said that the launch of this prestigious chapter in Pakistan was yet another milestone in our efforts to improve the level of professionalism, integrity and expertise in the area of financial analysis and management.

During his keynote address, Khalid A. Mirza, Chairman, Securities and Exchange Commission of Pakistan (SECP) lauded the efforts of PCIP leadership and its members in creating a forum for investment professionals that can potentially improve the quality of investment skills, corporate governance and ethical standards in the financial sector.

Zaigham Mahmood Rizvi, Managing Director Pakistan Kuwait Investment, speaking on the occasion mentioned that the role of investment professionals for the development of Pakistan's financial sector was vital given that investment banking in Pakistan was in an evolving stage and there was a strong need for having ethical and professional advisors in the banking and financial sectors.

Earlier, welcoming the guests, President of the Pakistan Chapter, Mohammad Shoaib, a CFA, informed the audience that the mission of the society was to serve members and the investors by providing a forum for education and enhancement of investment skills to raise awareness of the value of the CFA designation amongst employers and the investors and to promote the highest ethical standards and standards of professional conduct in Pakistan "

Mohammad Shoaib further informed the audience that the cornerstone of the CFA programme is the AIMR Code of Ethics and Standards of Professional Conduct which demand the highest standard of ethical responsibility from the CFA charter holders and candidates. He also urged upon the investment professionals, their employers, regulators and all other stakeholders to strive for the improvement in the financial reporting standards in Pakistan which is a pre-requisite for any meaningful analysis by the investment professionals.

During his video address Mr. Thomas Bowman, AIMR's President and CEO, congratulated the PCIP members and said, "Pakistan Chapter is uniquely situated to deliver educational content that supplements the global focus that AIMR brings to members in Pakistan with education that is relevant to the local environment".

Headquartered in Charlottesville, Virginia, USA, AIMR is a non-profit organization dedicated to raising the professional, educational and ethical standards of investment management and research practitioners around the globe.

The CFA charter is the most prestigious credential among financial professionals. Recipients of the CFA charter successfully complete a graduate-level, self-study curriculum and pass a series of three-day long practice oriented examination that test candidates around the world in ethical and professional standards, accounting and financial statement analysis, economics, portfolio management and analysis and valuation of debt, equity and alternative investments.