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June 18, 2001


PIMA (the PEP and ISA Managers’ Association) is pleased to announce the appointment of Howard Flight MP, to the Board, as a non-Executive Director. Howard Flight is the MP for Arundel & South Downs, and the Conservative Shadow Economic Secretary to the Treasury.He is also joint Chairman of Investec Asset Management and his career in the investment management industry spans 30 years.

PIMA is a trade association whose membership consists of PEP and ISA providers, whose members currently account for over 70% of the total ISA market.

Howard Flight’s role at PIMA will be to assist with raising awareness of PIMA both within the financial services and public affairs arena, and to advise on the promotion of views and ideas to Government.

Clive Shelton, Deputy Chairman, PIMA, said: "Howard’s unparalleled experience and knowledge, both in the financial services industry and public affairs, will make him an invaluable asset to PIMA’s future development as both a leading training and educating resource for the industry and an effective lobbying body. He will play an integral role and we welcome the experience and knowledge which he brings".

Howard Flight commented on his role as non-Executive Director of PIMA: "PIMA’s strengths are its unique technical knowledge of ISAs and PEPs, its determination to press for further changes to these products to achieve a better deal for investors; and its specific focus on the technicalities and administrative issues related to tax incentivised, retail savings products. I much look forward to assisting PIMA with introducing their services to a broader audience".


For further information, please contact:
Clive Shelton, Deputy Chairman
01245 390 208
Peter Shipp, Chief Executive
01642 207 207
Stephanie Barrett / Alistair Kellie
Citigate Dewe Rogerson
020 7638 9571

Notes to editors:

Howard Flight has an MA in History and Economics from Cambridge, and an MBA from the University of Michigan.
He started his career as an Investment Adviser with N M Rothschilds & Sons in 1971. In 1977 he joined Wardley Limited (Merchant Bank subsidiary for HSBC), where he worked as a corporate financier on Eurobond flotations. He was seconded to Bombay, India in 1978/79 to establish HSBC’s merchant banking division. In 1979 he joined Guinness Mahon to develop their international Fund Management business, becoming a director in 1983. The business he developed was subsequently restructured as Guinness Flight, of which Howard Flight and Tim Guinness were joint Managing Directors from 1987 to 1998. Following Investec’s acquisition of the business, Howard Flight became Joint Chairman in 1998.
Howard Flight was responsible for establishing and developing Guinness Flight’s retail funds business and in particular, the currency and fixed interest products. In 1997 he was elected as a Conservative Member of Parliament for Arundel and South Downs, and appointed Shadow Economic Secretary to the Treasury in 1999.

About PIMA:

PIMA’s membership enables it to collate ideas and opinions from right across the PEP/ISA spectrum. It represents a wide range of interests including stockbrokers, unit trust managers, investment trust companies, banks, building societies and independent portfolio managers.

PIMA was formed in April 1991 as the PEP Managers’ Association (PEPMA). It grew into an active association of registered PEP Managers and third party administrators. To meet the introduction of ISAs and to expand services to member firms, the PEP and ISA Managers’ Association (PIMA) was set up in Autumn 1998. Currently PIMA has 136 members which account for over 70% of total ISA subscriptions.

More information is available at www.pima.co.uk