Daniel Godfrey will replace outgoing chief executive Richard Saunders on 1 December.
“Long-term investment is vital for consumers, for companies and for the economy – so the breakdown of trust between society and financial services could not be more damaging,” Godfrey said. “The industry must do whatever is necessary to earn trust by demonstrating the fundamental qualities of transparency and customer focus on which investment management is based.”
And he added the industry must do more to ensure that new consumer protection rules must not add unnecessary costs and distractions to the industry.
Godfrey headed the Association of Investment Companies until 2009 and worked at The Phoenix Group until earlier this year.