Following the approval of a merger by both The Security Industry Association's board and The Bond Market Association's board in June, the companies announced last week that their respective member firms have also voted overwhelming in favor of merging the two organizations to create the Securities Industry and Financial Markets Association (SIFMA). According to a recent joint press release, the SIFMA will comprise of three groups, the capital markets group, the private client group and the asset management group.
A transitional executive committee, co-chaired by Edward Frost of Goldman Sachs and James Gorman of Morgan Stanley, the current chairs of MBA and the SIA, respectively, will serve as the initial governing body of the SIFMA until the end of this year. A nominated board of directors will be announced in early November and, in time, the SIFMA will also have a U.S. regional board, European board and Asia board.
During the transition period and while a search for a permanent CEO is taking place, BMA president and CEO Micah Green and the SIA president Marc Lackritz will serve as co-CEOs. The merger is expected to be completed mid fourth quarter.
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