Chris Cummings, CEO-to-be, Investment AssociationThe
UK’s fund management trade association has appointed Chris Cummings as its new
CEO.
Cummings—who led AIFA, the trade body for UK financial advisors—will join in the third quarter of this year, the Investment Association (IA) announced yesterday.
The IA was rocked last year by some of its largest members threatening to quit. Fund managers M&G, Schroders, Aberdeen, and Invesco Perpetual all reportedly considered abandoning the group, concerned with its overall direction under former CEO Daniel Godfrey. He had pushed for greater fee transparency, and members pushed back. Godfrey exited the IA in October.
Cummings joins from financial services lobby group TheCityUK, which he founded in 2010 after leaving AIFA. The group “champions UK-based financial and related professional services” in major policy discussions, according to its website.
“I believe the UK’s asset management industry has the opportunity to adopt a greater role in society, generating wealth and lifelong financial well-being for millions of people and providing stable long-term financing to help British businesses to grow,” Cummings said.
“Under Chris’s leadership the IA will continue to work with all our stakeholders to serve our members and shape the investment industry to meet the needs of savers,” added Helena Morrissey, chair of the organization. “Chris has years of experience helping businesses to deliver the best outcomes for their customers.”
Morrissey thanked Interim CEO Guy Sears, who took the helm when Godfrey left. Sears will continue to oversee the association’s operations until Cummings joins later in the year.
Last month, Sears unveiled the IA’s “Productivity Action Plan” in an effort to improve fund managers’ involvement in asset ownership and engagement issues.