The Investment Association has confirmed that Guy Sears is to become the interim chief executive of the body after the surprise departure of chief executive Daniel Godfrey yesterday.
Godfrey’s departure followed the news that M&G and Schroders had voiced their intention not to renew their membership to the trade body.
Despite this, his departure still came as a surprise to some as he had publically been outlining his priorities for the coming year in media interviews.
In the statement, he said: “The board would like to thank Daniel for his significant contribution to the Investment Association. During his time, Daniel has driven a number of important initiatives, including the transformative merger with the ABI investment Affairs.
“His commitment and passion for our industry is widely admired by all those who have worked with him. We owe him a great debt of gratitude and wish him the very best for the future.”
Sears has spent most of his career working in regulation, having joined the Investment Association in October 2007 as institutional director.
Prior to that he worked at the Association of Private Client Investment Managers and Stockbrokers (now the Wealth Management Association) for three years as deputy chief executive.
He has also worked in various consultancy roles and at the Financial Services Authority between 1997 and 1998 as head of market conduct.