Schroders' Harrison to replace Morrissey as IA chair

Mr Harrison will take up his new role on May 1, as former Newton chief executive Ms Morrissey departs to become head of personal investing at LGIM. Ms Morrissey's three-year stint as chair was due to end later this year.

In addition to Mr Harrison's appointment, Henderson chief executive Andrew Formica will now become deputy chair. Ms Morrissey announced last month she would step down from the board altogether due to her new employer LGIM already having a  representative.

Mr Harrison and Mr Formica will now lead the board for a two-year fixed term, with an option for a third if approved - as was previously granted to Ms Morrissey.

The appointment of the Schroders chief executive is of note after the firm, alongside M&G, threatened to leave the trade body in 2015. The threat led to the departure of then-chief executive Daniel Godfrey and a change in the organisation's strategy, asset managers having believed that the trade body was not doing enough to prioritise their interests.

Mr Harrison, who became chief executive in April 2016, said he was looking forward to working closely with IA chief executive Chris Cummings.

"Our industry is experiencing a period of significant change and it is important we work together to ensure we meet our responsibilities," he added.

Mr Formica's appointment as deputy chair comes as his firm undergoes a £4.7bn merger with US outfit Janus Capital. Once completed, Mr Formica will become co-chief executive of firm alongside Janus head Dick Weil.

Ms Morrissey's departure brings an end her long involvement with the organisation and leaves the board with 17 members. The IA said a replacement would be announced in due course.

Last month, Aviva Investors chief executive Euan Munro was elected to the board to replace Invesco Perpetual's retiring chief executive Mark Armour.