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M&G commits to the IA until 2017

M&G commits to the IA until 2017

M&G has extended its membership with the Investment Association (IA) until the end of 2016 as the trade body continues to nurse its relationship with potential defectors.

The fund house, along with Schroders, threatened to leave the IA in October 2015 in a move that resulted in then chief executive Daniel Godfrey’s resignation. M&G told Investment Adviser it will now remain a member until at least 2017.

Schroders and M&G committed to being members for six months at the end of 2015. This was after the trade body began consulting with members on its remit, and interim chief executive Guy Sears took control.

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At the time, it was understood the pair wished to remain actively involved with the IA – but on an interim six-month basis – in order to review its progress and have an input into changes at the organisation.

Since then the IA has appointed Chris Cummings as a permanent replacement to Mr Godfrey. Mr Cummings, who joins from lobby group TheCityUK, will take up his role by the end of the third quarter.

The trade body said the decision to appoint Mr Cummings was made unanimously by its board, which includes representatives of 18 fund houses.

The news of M&G’s additional six-month commitment comes as it welcomed new chief executive Anne Richards.

Ms Richards joined last week from Aberdeen – where she was chief investment officer – to replace the retiring Michael McLintock.