Investment Association chief executive Daniel Godfrey is leaving the trade body after a flurry of asset managers said they were considering quitting the association.
A source close to the situation said Godfrey was departing “by mutual agreement” with the board, as “collectively they felt a new leader was needed at this time”.
An interim chief executive will be appointed from within the IA staff, while a full search will be carried out by the board for a replacement for Godfrey.
The says: “The board decided now is the time for new leadership for the challenges ahead for the industry and the next stage of development, a new leader was inevitable.
“There was no one trigger event. You can see the next two years are going to be very important and the industry is developing and adapting to bigger trends, such as disintermediation, regulatory changes coming and a wide variety of transformative events on everything from infrastructure, to platforms, to transparency on fees.
“IA has a part to play in this and [Godfrey] has reflected on all that and decided now is the right time for new leadership.”
However, a source close to Godfrey said he had “no plans to resign” ahead of the crisis board meeting on Tuesday.
This week has seen M&G and Schroders say they will quit the organisation, while Fidelity Investments, Aberdeen, Invesco Perpetual, JP Morgan Asset Management and Neptune are considering resigning from the association when their current membership expires.