KUALA LUMPUR: Libra Invest Bhd and Pheim Asset Management Sdn Bhd (Pheim Malaysia) are the first two firms in Malaysia to claim compliance with CFA Institute’s asset manager code of professional conduct, which provides a benchmark of ethical conduct by asset managers and offers a higher level of confidence in firms that adopt the code.

In a joint statement yesterday, CFA Institute said the two firms join a roster of more than 1,340 firms worldwide to claim compliance with the code. The code outlines the ethical and professional responsibilities of firms that manage assets on behalf of clients.

“Trust in the investment profession is vital, particularly in emerging markets where there is an opportunity for investors, the financial services professionals who serve them, and regulators who oversee the integrity of the financial system to create an ecosystem built on global best practices,” said CFA Institute managing director of Hong Kong operations Nick Pollard in the statement.

“Being one of the first firms in Malaysia to adopt the code further demonstrates to our clients our commitment to fiduciary responsibility and helps us stand out in the competitive market,” said Libra Invest chief executive officer (CEO) Jason Lee.

Pheim Malaysia CEO Dr Tan Chong Koay concurred, saying the company has consistently been an advocate of ethical and professional standards that clients expect from asset managers.

Globally, other firms claiming compliance with the code include BlackRock, Ariel Investments, Janus Capital Management, JP Morgan Asset Management, Morgan Stanley Investment Management, Aberdeen Asset Management and Fullerton Fund Management Co.