The Portfolio Management Institute Nigeria (PMI) has signed collaboration agreement with the Chartered Institute for Securities and Investment (CISI) U.K. For the purpose of identifying its members with global best practice in Investment and Portfolio Management.
The signing of the agreement between the two organisations, took place in Lagos with intensive lecture on “Integrity Matters in Financial Services” delivered by the representative of the U.K. Institute. Praneet Shivaprasad.
In his opening remarks, President and Chairman of Council of PMI, Usman Suleman, said the collaboration between PMI and CISI U.K., will open the gateway for a mutually rewarding and beneficial relationship between the two institutes.
He introduced the CISI to the PMI members, saying, it is the leading professional body for securities, investment, wealth and financial planning professionals in the UK.
According to him, CISI, was founded in 1992 by practitioners on the London Stock Exchange and formally chartered in 2009.
“It has a membership of over 45,000 spread in 104 countries and last year more than 40,000 CISI exams were taken in 80 countries. It is therefore a thing of joy for us at PMI that we are today joining this global professional community and availing our members the opportunity of being identified with global best practice in Investment and Portfolio Management”, Suleman said.
He noted that professional collaboration of this nature, if well managed and sustained promises to engender immense mutually beneficial reward for the parties, expressing his belief that considering the wealth of experience of all the parties involved, the PMI and CISI collaboration will surely not only be of great value addition to collective members but also lift the institute up to higher levels of collective goal achievements. ”Professional Institutes, Colleges and universities collaborate on initiatives that individual institutions might not be able to accomplish alone. Thus, according to Marrett, 2006, “Professional Institutional Collaboration entails initiatives or arrangements of various kinds between two or more organisations working to accomplish specific goals in professional education that have institutional commitment”.
“This could include infrastructure projects, course offerings, and new educational models. In many cases, collaboration results in the creation of a formal entity with its own staff, budget, and governance. Colleges and universities use collaboration to grow their influence with commercial providers and in this way, benefit the development of learning ecosystems”, said the PMI president.
He further noted that the business of banking and finance including Investment and portfolio management, demands utmost trust and confidence which should not be breached in whatever form.
He said this being the case, continuous sustaining of professionalism and ethical behavior has become imperative.
“It is not easy to articulate ethical expectations or standards. “Doing the right thing because it is the right thing to do” may seem simple and straightforward, but in complex transactions that are increasingly automated, considerations of ethics and integrity may be squeezed. To my mind, one of the major challenges in an industry increasingly driven by new technologies is how to ensure an adequate space for ethics in instant, automated financial transactions”, he stated.
He said It is in furtherance of the above that PMI has arranged a free lecture on “Integrity in Financial Services” to compliment the ollaboration signing ceremony and to emphasise to the members how the issue of “integrity” has become highly critical in the effective discharge of financial services.
Speaking, CISI representative Praneet Shivaprasad said affiliation of PMI with the CISI will immensely expose members of PMI to the opportunity of getting good jobs outside their country.
According to him, more than 90 percent of global banks use CISI qualifications in selection of employees they want to engage. He cited examples as Citi Bank, Chartered Bank among others.