Members of The Bond Market Association and the Securities Industry Association voted to merge the organizations to create the Securities Industry and Financial Markets Association. The merger is expected to be completed in the middle of the fourth quarter. The board of directors for the two associations voted to merge at the end of June (CIN, 7/3).
SIFMA will consist of three business groups: the Capital Markets Group, the Private Client Group and the Asset Management Group. Edward Forst of Goldman Sachs, currently chair of the BMA, and James Gorman of Morgan Stanley, currently chair of the SIA, will co-chair a transitional executive committee and serve through the end of 2006.
During a June conference call, the groups said the new board is expected to have between 32 and 35 members, coming from large global firms, middle-market companies and smaller U.S. companies, as well as non-U.S. firms and asset managers (7/3).