Guy Sears has been appointed interim chief executive at the Investment Association following the departure of Daniel Godfrey.
Sears, currently director of risk, compliance and legal at the Investment Association, will take over after Godfrey left “by mutual agreement” yesterday.
A source close to the situation said Godfrey was departing as the board “collectively felt a new leader was needed at this time”. However, a source close to Godfrey said he had “no plans to resign” ahead of the crisis board meeting yesterday.
Investment Association chair Helena Morrissey 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.”
A full search is being carried out by the board for a replacement for Godfrey.
This week saw M&G, Schroders, Fidelity Investments, Aberdeen and Invesco Perpetual, among others, say they will consider resigning from the association when their current membership expires. Collectively the five firms make up 29 per cent of all UK retail funds, as at the end of August.
Godfrey received £532,595 in pay last year, a rise on the £474,523 he received in 2013. He joined the Investment Association in 2012 from the Association of Investment Companies.