In this series, we engage with leading figures from the asset management industry and beyond. This time we spoke with Erika Korthof, senior asset management supervisor at the Netherlands Authority for the Financial Markets. In this role, she deals with licensing applications from investment firms, investment fund managers and crowdfunding service providers, among others. In this interview, she talks more about what it's like to work for the AFM, the relationship with the asset management industry and DUFAS, and why professionals from the industry are very valuable to the AFM.
What makes it exciting to work at AFM?
"At the AFM, I work on permit applications that are different every time - it often feels like solving a complex puzzle. I also enjoy contributing to improvement projects that make our processes more efficient. Right now, we are looking into how to improve the process of applying for a permit. The combination of variety of work makes my job fascinating.
Besides the work being interesting, I really enjoy working at the AFM. The employees are driven and focused on the optimal result. I find the atmosphere and cooperation pleasant. The age distribution of the employees is in optimal balance. We make maximum use of the knowledge and skills of experienced colleagues. Young professionals are sometimes more interested in new developments such as 'artifical intelligence' and crypto, which also creates a nice dynamic.
As supervisory convergence increases, we also have more and more opportunity to be influential at the European level. I think regulations should be as effective as possible. I think a positive development is that there is more and more attention to evaluating regulations. An institution must be able to remain distinctive. And the "overhead" of an institution must be and remain proportional. We as AFM pursue the same goal as the sector, satisfied investors, who are correctly served in the most effective way possible."
How does the AFM view the relationship with DUFAS and the asset management industry?
"From the AFM, we think it's important to have an open dialogue with the industry. DUFAS is an important partner for us in contacting the asset management industry. For example, we regularly participate in events organized by DUFAS on topics where we feel it is important to engage with the sector. We would like to cooperate in terms of knowledge sharing and identifying risks and developments within the sector. And with feedforward, we can improve the way we fulfill our supervisory role.
We recently engaged in discussions with some of the legal advisors who assist permit applicants. We gained useful insights about what institutions are up against and thus what opportunities for improvement remain for us. We also exchanged knowledge about the developments and risks we see and experience from our different perspectives. My experience in the sector means that I understand the perspective of financial institutions well and I would like to be a connecting factor in this."
From your role, what message would you like to pass along to professionals in the industry?
"If you also want to make an impact, then working for a supervisor is definitely worth considering. It can be interesting and inspiring to see and experience the sector from a different perspective, and valuable practical experience and expertise can be put to maximum use. In any case, I can highly recommend working for the AFM."
