Fidelity Investments, Aberdeen Asset Management and Invesco Perpetual are considering following M&G Investments and Schroders in leaving the Investment Association.
Yesterday, it was revealed the two managers are planning to quit the IA later this year when their membership expires.
Now Sky News reports Fidelity, which manages £184bn, and Aberdeen and Invesco are also considering whether to sever their links with the IA.
The IA’s non-executive directors are believed to be attending a scheduled meeting today where the membership crisis will be discussed.
Last month, Aegon quit the Association of British Insurers while L&G left in August 2014.
Yesterday, IA chief executive Daniel Godfrey said: “It would be incredibly disappointing to lose any member and we will do everything we can to convince anyone who is considering leaving to stay.
“Our very proactive strategy to help a great investment management industry make investment even better can be uncomfortable at times.
“But it is not only the right thing to do given the responsibility of managing other people’s money as their agents, it is essential in the post global financial crisis world if we are to maintain the right to have influence over our future regulatory and legislative environment.”
Aberdeen, Fidelity, M&G, Schroders and Invesco declined to comment.