Schroders chief appointed chair at Investment Association

Peter Harrison of Schroders and Andrew Formica of Henderson Group will join the Investment Association board in May.

Chief executive officer at Schroders, Peter Harrison, has been appointed as chair of the Investment Association.

It was also announced Andrew Formica, chief executive officer of Henderson Group, has been appointed as deputy chair. 

Both will serve a fixed two-year term and will assume the senior positions as of 1 May this year.

The news follows Helena Morrissey’s decision to step down as chair to join Legal & General, which already has a board representative at the Association.

Harrison said he will continue working closely with Chris Cummings - the chief executive officer at the Investment Association - and the rest of the team.

“Our industry is experiencing a period of significant change and it is important we work together to ensure we meet our responsibilities to clients and deliver value to them over the long-term," he explained.

Cummings added the UK asset management industry plays a key role in ensuring the financial health of the nation, “that's why I am delighted that the board is today able to announce the appointment of two directors with years of experience running household-name asset managers to these important leadership roles.”