The Investment Association (IA) made the surprise announcement that its chief executive, Daniel Godfrey, has left the role he took up in December 2012.
Godfrey was sometimes a controversial figure within the organisation. The Statement of Principles initiative launched in April seemed to be a success although there were rumours of discontent among the asset management community over its content.
Guy Sears, currently director, risk, compliance and legal, will take on the role of interim chief executive until a permanent replacement is appointed, the process of which is underway according to the IA.
Helena Morrissey, chair of the IA, says: "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 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.”
Morrissey was also keen to play down the significance of the departure, saying: "The Association's members have always been conscious of their responsibilities in looking after other people's money and recent events should not put that in doubt.”
She adds: “The issues some members have voiced have been about the scope of the Association's agenda and the style and approach of engagement with members in recent years.”
As a result of these concerns, a consultation will take place in order to “guide the new chief executive”, according to Morrissey.
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