AIC's respected boss Godfrey quits as he searches for another big challenge

EL G

EL Godfrey, the popular director general of the Association of Investment Companies (AIC), is stepping down after 11 years in the job.<br /><br />Godfrey, 48, is best remembered for steering the industry through its darkest hour when the split capital investment trust scandal broke and thousands lost their savings.<br /><br />He said he was leaving to seek a &ldquo;bigger challenge&rdquo;. Current deputy director Ian Sayers will serve as acting boss of the AIC as it hunts for a replacement while the outgoing chief will stay on as a consultant.<br /><br />AIC chairman Carol Ferguson said that London-born 48-year old Godfrey was &ldquo;extremely highly regarded&rdquo; by leading managers of the &pound;75.1bn worth of investment trusts he represented. &ldquo;During the split cap crisis, he wasn&rsquo;t afraid to take the high ground,&rdquo; she said.<br /><br />In the 2002 scandal &ndash; when a slew of funds collapsed amid fund manager malpractice &ndash; Godfrey told a committee of MPs that he was aware of wrongdoing by some.<br /><br />With this frank admission he was credited for helping to clean up the industry&rsquo;s image.