The Investment Management Association (IMA) yesterday appointed its first female chairman and rebranded the outfit to reflect a recent merger with another trade body.
Newton boss and gender diversity campaigner Helena Morrissey, one of the most powerful women in the City, has been appointed to chair the group, which will rebrand as The Investment Association next year.
The new name follows an announcement to merge the IMA with the investment affairs division of the Association of British Insurers, boosting the IMA’s workforce by around 30 per cent.
The merger is designed to bolster the IMA’s firepower and influence on a variety of corporate issues.
Morrissey told City A.M.: “It’s a huge opportunity and I’m keen during my tenure to help clarify what we do, because a lot of people have no idea what a fund manager actually does. I’m hoping to have a bigger role in financial education and be clear about the standards we uphold and the bigger role we play in society.”
Morrissey replaces former Insight Investment Management boss and chairman Douglas Ferrans, who has been in the role since 2009.
The overhaul is the biggest since the formation of the IMA in the wake of 2002 merger between the Fund Managers’ Association and the Association Of Unit Trusts And Investment Funds.
IMA chief executive Daniel Godfrey told City A.M.: “There’s a determination from the industry to become more effective. Bringing the ABI team into ours will give us more firepower and bring into focus market issues.”
Morrissey steps into the role on 30 June.