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Investment Chief calls for 'co-operation'

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Media Release 20 July 1999 Embargo till 9 am, Tuesday, 20 July 1999

Investment Chief calls for ‘Co-opetition’ Ian Martin, Chairman of the Investment and Financial Services Association (IFSA), Australia’s peak body for investment management and life insurance, today called on IFSA members to embrace ‘coopetition’ on key issues for the benefit of the industry, its customers, and the economy.

IFSA represents the interests of financial service providers who invest more than $440 billion on behalf of nine million Australians.

Addressing a record number of delegates at IFSA’s annual conference in Melbourne, Mr Martin* * said that the conference’s theme o f ‘co-opetition’ was most appropriate.

Ian Martin said, ‘Co-opetition enables companies to respond to 3 key trends: firstly, globalisation which requires companies to have the capacity to operate in all markets; secondly, technological advances which require companies to operate across traditional boundaries, and finally, competition which is just too strong to tolerate mediocrity anywhere - alliances build strengths in areas of weakness.’

‘IFSA has, and will, continue to foster the spirit of co-opetition. This week’s launch of IFSA’s Code of Ethics and Practice Standards is a prime example of how competitors can work cooperatively to achieve benefits for the industry which no single company could achieve on their own,’ Mr Martin said.

O ur next priority is to assist ordinary Australians to increase their financial independence, especially in retirement. Our industry can contribute to this goal through innovative products and services, better education of our customers, and improved government policy. By working cooperatively not only amongst the IFSA membership, but also with government and other stakeholders, we can achieve this

goal,’ Mr Martin concluded.

Treasurer to address Conference The Hon Peter Costello MP, Treasurer will address conference delegates at a gala dinner on the 20th July.

For further information please contact Richard Gilbert on 0417 247 998.

Level 24, 44 Market Street, Sydney NSW 2000 Ph: 61 2 9299 3022

_______________________________________________ Email: Fax: 61 2 9299 3198

* Mr Ian Martin is currently overseas. His remarks to the conference were delivered