The Investment Association has unveiled a three-fold restructure that will see distinct divisions formed at the trade body.
Over the past few months, the IA has been at the centre of controversy, with three large fund management groups - including listed company St James’s Place - announcing their intention to leave the organisation.
In October, the sudden departure of former chief executive Daniel Godfrey caused big questions to be asked about the motivations of the IA. Mr Godfrey left the 200-member body after several asset management companies said they would be leaving, reportedly because they were concerned about the IA’s “progressive” approach.
Today, just a week since high-profile director Richard Metcalfe left the trade body after 12 years - which the IA told Financial Adviser at the time was not part of a restructure - the IA announced an organisational restructure into three clearly-defined core divisions.
According to a statement from the trade body, whose members account for more than £5.5trn of assets under management in the UK, the three larger divisions will focus on the ultimate goals of helping our member firms to thrive, delivering clients’ financial aspirations and making investing work well for all.
Division one will be branded Business Support and Promotion. It will aim to promoting the asset management industry’s interests; helping firms to navigate the regulatory and tax landscape; ensuring “that the UK is the country of choice for locating asset management businesses”.
Division two will be called Products and Services, and will aim to “promote” the value of investing for the public good. It will help firms meet high standards of service and delivery and be involved in “shaping the UK, EU and global regulatory and policy agenda so firms are able to provide on a cost-effective basis the products and services that meet clients’ needs”.
The third division, Sustainable Investments and Capital Markets, will aim to support the economy with stable, long-term finance; ensuring investors have access to fair and effective markets; embedding the highest standards of sustainable governance in UK PLC.
According to the statement: “The changes further integrate the Investment Affairs division, which moved to the Investment Association from the ABI in 2014, into the heart of the organisation as we continue to focus on our work engaging with UK-listed companies on behalf of investors”.
Guy Sears, interim chief executive at the Investment Association, said: “The ever-growing need for people to save into investments is a huge opportunity for our industry but it also brings with it a weighty responsibility as more and more people rely on asset managers.
“The new structure is about bringing all of our resources to bear on the three most important areas of focus for the organisation - helping our member firms to succeed, creating the best environment for products and services so they can deliver for clients and ensuring markets and investments deliver long-term, sustainable returns.”
