The Investment Association has announced that Peter Harrison has been appointed as Chair of the organisation’s Board.
Mr Harrison, the Group Chief Executive of Schroders PLC, will adopt the role from May 1.
The organisation has also announced that Andrew Formica, Chief Executive of Henderson Group PLC, will become Deputy Chair of the Board from May 1.
Mr Harrison and Mr Formica will both serve a two-year fixed term as leaders of the Investment Association Board.
It comes as the current Chair, Helena Morrissey, will step down from the Board on May 1 as she joins Legal & General Investment Management, which already has an Investment Association Board representative.
The Board wishes to thank Ms Morrissey for her outstanding contribution to the Association and the asset management industry in her tenure as Chair.
Peter Harrison, Group Chief Executive, Schroders PLC and Chair-elect of the Investment Association Board, commented: “As the incoming Chair of the Board of the Investment Association, I look forward to continuing to work closely with Chris Cummings 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.”
Andrew Formica, Chief Executive, Henderson Group PLC and Deputy Chair-elect of the Investment Association Board, commented: “I am passionate about the positive role asset management plays in delivering value for its clients, and the Investment Association is an important part of making sure the industry is able to deliver the best possible outcomes for savers and investors.”
Chris Cummings, Chief Executive Officer, the Investment Association, commented: “The UK asset management industry plays a key role in ensuring the financial health of the nation, helping people to save for the future, providing crucial investment to businesses and improving the economy for all and it is also one of the UK’s star export industries, so it is important that it has a strong trade association to help it deliver on these important goals.
“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.
“I would like to offer thanks on behalf of the Investment Association to Helena Morrissey for her tireless and outstanding contribution to the industry in her time as Chair.”