Investment Association (IA) chief executive Daniel Godfrey has stepped down with immediate effect, to be replaced in the interim by Guy Sears.
The board of the trade body met on October 6 and informed Mr Godfrey this afternoon that they were no longer prepared to back his leadership, at which point Mr Godfrey resigned.
A person close to the situation said: “The board and Mr Godfrey agreed it was time for a change of leadership early this afternoon (October 6)”.
Guy Sears, who is currently the director of risk, compliance and legal will take on the role of interim chief executive until a permanent replacement is found.
The IA confirmed the search for a permanent replacement for Mr Godfrey, who had been in the role since December 2012, is underway.
Helena Morrissey, chair of the IA, 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 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.”
On Monday (October 5) it was revealed that Schroders and M&G do not plan to renew their membership with the trade body when it expires at the end of the year.
Other fund houses are understood to be considering a similar move, indicating a lack of confidence in Mr Godfrey which quickly prompted his departure.
