Two of the UK’s largest fund houses are set to depart the Investment Association (IA) later this year, Investment Adviser understands.
M&G Investments and Schroders are not planning to renew their memberships with the trade body when these expire at the end of 2015.
It is understood that at least one other high-profile fund firm is also considering letting its own membership expire in the coming months.
Daniel Godfrey, chief executive of the Investment Association, said: “It would be incredibly disappointing to lose any member and we will do everything we can to convince anyone who is considering leaving to stay.
“Our very proactive strategy to help a great investment management industry make investment even better can be uncomfortable at times. But it is not only the right thing to do given the responsibility of managing other people’s money as their agents, it is essential in the post global financial crisis-world if we are to maintain the right to have influence over our future regulatory and legislative environment.”
This decision follows a recent initiative by the Investment Association to launch a new statement of principles aimed at ensuring firms put clients’ needs first. Schroders and M&G were among a number of big name firms not to sign the new statement.
Schroders and M&G declined to comment.
