The Investment Association (IA), which represents managers who handle upwards of £5.5 trillion, has recruited TheCityUK boss Chris Cummings as its new chief executive, following a six month search.
Cummings will fill the void left by the departure of former IA chief Daniel Godfrey, who stepped down after a row with the groups members.
“I believe the UK’s asset management industry has the opportunity to adopt a greater role in society, generating wealth and lifelong financial well-being for millions of people and providing stable long-term financing to help British businesses to grow,” said Cummings.
Guy Sears has served as interim chief executive at the IA since Godfrey’s departure.
Cummings launched the city and professional services lobby group TheCityUK in 2010 and will continue on as its chief executive until a replacement is found, but is expected to join IA by the third quarter of 2016.
John McFarlane, chairman of TheCityUK, said:
Chris has done an incredible job in leading TheCityUK to the level of prestige it now enjoys. While naturally we are disappointed he is leaving, after six years in the role, it is unsurprising that he might wish a new challenge, and we wish him well. Chris will continue to serve us until we have a successor.