The Association of British Insurers (ABI), the trade body for the insurance industry, and the Investment Management Association (IMA), the trade body for the £5 trillion UK asset management industry, have announced that the merger between the IMA and the Investment Affairs division of the ABI will complete on 30 June 2014.
To mark the merger, the IMA will change its name to The Investment Association with effect from the beginning of 2015.
Helena Morrissey CBE, CEO of Newton Investment Management, is to become the new Chairman on 30 June 2014, replacing the existing chairman of the IMA, Douglas Ferrans, who steps down after four and a half years in the role.
Douglas Ferrans, Chairman of the IMA, said: “I am proud to be stepping down at the completion of the transformative merger of the IMA with the ABI’s Investment Affairs team. The IMA is in great shape under the leadership of Daniel Godfrey and I couldn’t be handing the Chair over to a more capable and talented individual than Helena Morrissey.”
Otto Thoresen, Director General of the ABI, said: “Merging the ABI and IMA investment activities will create a strong new voice for the asset management industry as a whole. Insurers remain a crucial part of that and we look forward to continuing to work closely with The Investment Association”.
Helena Morrissey, Chairman-elect, said: “The Investment Association will have a vital role in helping the asset management industry do the best possible job it can for the millions of individuals whose savings we invest. I am delighted to be taking over the Chair at this time, when the need for people all around the world to make provision for their futures has never been greater.”
Daniel Godfrey, IMA Chief Executive, said: “Dougie has been a wonderful Chairman, a source of great support and counsel and a good friend. His vision has transformed the IMA for the better and will be missed by both the Board and the executive team at the IMA.
“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.
“Our merger with the ABI’s Investment Affairs team means that together we cover the entire range of investment issues on behalf of our clients, whether they are domestic or international individuals, discretionary managers, life companies, pension funds, family offices or 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. We are looking forward to welcoming our new colleagues on 30 June.”