The industry trade body the IMA returned to profitability in 2013 following a loss-making 2012.
The IMA’s latest accounts show that it made a pre-tax profit of £187,673 in 2013, having made a loss of £145,501 in 2012.
The trade body’s turnover rose significantly between 2012 and 2013, increasing from £7.1m to £7.9m, mainly due to significantly higher subscription fee revenue from full IMA members.
In its accounts statement, the IMA’s directors said the current financial position was “satisfactory”, adding they expected it to remain the case “for the foreseeable future”.
The IMA’s chief executive, Daniel Godfrey, was paid £468,754 during 2013, significantly more than the combined £385,937 recieved by Mr Godfrey and his predecessor Richard Saunders in 2012. Mr Godfrey had replaced Mr Saunders for the final two months of 2012.
The IMA has also revealed several new board members, including JPMorgan Asset Management’s Jaspar Berens, Miton’s Gervais Williams, Invesco Perpetual’s Mark Armour and Royal London’s Robert Talbut.
