IMA to change name to The Investment Association

The IMA is set to rebrand as The Investment Association next year following its merger with the investment affairs division of the Association of British Insurers (ABI).

The trade body for the £5trn UK asset management industry said the merger would complete on June 30 and also announced Newton Investment Management’s chief executive Helena Morrissey would take on the role of chairman.

The trade body will rebrand itself as The Investment Association from 2015.

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Ms Morrissey will replace existing chairman Douglas Ferrans who steps down after a four-and-a-half year term in the role.

Daniel Godfrey, IMA chief executive, said Mr Ferrans had been a “wonderful chairman, a source of great support and counsel”.

“His vision has transformed the IMA for the better and will be missed by both the board and the executive team at the IMA,” Mr Godfrey said.

“Helena Morrissey brings great energy, commitment and vision to enhance all that is good about our industry. I am looking forward to working with her to make investment better for everyone, so investors get better long-term returns, so companies can grow and economies prosper.”

Mr Godfrey said the merged entity now “the entire range of investment issues” for its clients whether they be domestic and international individuals, discretionary managers, life companies, pensions funds, family offices and even sovereign wealth funds.

“Our new name, The Investment Association, describes the broader and deeper reach of the new organisation, its stronger and more unified voice and the collective will of our members to work together in the interests of real people,” he said.

“We are looking forward to welcoming our new colleagues on June 30.”

Mr Ferrans said he was “proud” to be stepping down after the successful merger and praised Mr Godfrey adding the chairmanship could not be handed to a “more capable and talented individual” than Mr Morrissey.