UK buy-side trade body the Investment Management Association (IMA) has confirmed the appointment of Daniel Godfrey as CEO, effective from December.
Godfrey spent 11 years running the Association of Investment Companies (AIC), which represents closed-end funds, and most recently spent two years at closed life and pension fund consolidator Phoenix Group.
His has experience in steering a financial services representative body through regulatory change during a period of turmoil, including the split-cap investment trusts controversy at the AIC. Investment trusts eligible to receive dividends and capital gains began investing in each other, enhancing their returns with debt, and Godfrey worked with regulators to stamp out the practice.
Speaking about his outlook for the IMA, Godfrey said trust and properly addressing regulatory changes would be central pillars of his strategy for the organisation.
“We need to steer a path through the regulatory agenda so that consumers are properly protected without unnecessary costs or distractions that can only cause detriment by damaging long-tern returns,” Godfrey said, adding that a break in trust between society and the financial services industry could “not be more damaging”.
“The IMA and the industry must identify and do whatever is necessary to earn trust be demonstrating the fundamental qualities of transparency and customers focus on which investment management is based,” Godfrey said.
Current CEO Richard Saunders will stay on in an advisory role after his replacement takes the reins on 1 December.
Most recently, the IMA whose members manage around £4.2 trillion in assets under management, urged the UK government to include derivatives as part of proposed reforms that would ringfence retail banking from investment banking.