Several of the UK's largest fund managers are thinking of quitting the industry's biggest trade body, the Investment Association.
M&G Investments and Schroders are set to quit the group, according to Sky News, which also reported that Fidelity Investments, Aberdeen Asset Management and Invesco Perpetual are looking at ending their connections with the association.
Between them, M&G and Schroders manage more than £550bn worth of assets, which is around 10 per cent of the total managed by members of the Investment Association.
“It would be incredibly disappointing to lose any member and we will do everything we can to convince anyone who is considering leaving to stay,” said Daniel Godfrey, chief executive of the Investment Association.
“Our very pro-active strategy to help a great investment management industry make investment even better can be uncomfortable at times. But it is not only the right thing to do given the responsibility of managing other people’s money as their agents, it is essential in the post global financial crisis-world if we are to maintain the right to have influence over our future regulatory and legislative environment.”
The group will reportedly address the issue at a meeting tomorrow.