Schroders chief executive Peter Harrison has been appointed to replace Helena Morrissey as chair of the Investment Association board.
Harrison, who is already a director at the IA, has been chief executive at Schroders since April 2016. He started his career at the asset manager in 1988, before departing for roles at Newton Investment Management, JPMorgan Asset Management, Deutsche Asset Management and RWC Partners.
He returned to Schroders in 2013 as global head of equities.
Henderson chief executive Andrew Formica has also been named as IA deputy chair.
Harrison says he looks forward to continuing to work closely with Cummings and the rest of the team.
He says: “Our industry is experiencing a period of significant change and it is important we work together to ensure we meet our responsibilities to clients and deliver value to them over the long term.”
Morrissey will step down from the board on 1 May as she joins Legal & General Investment Management, which already has an Investment Association board representative.
The IA confirmed last November Morrissey’s plans to depart.
Harrison and Formica will both start their new roles on 1 May.
IA chief executive Chris Cummings says the pair have years of experience running “household-name asset managers”.
Cummings says: “The UK asset management industry plays a key role in ensuring the financial health of the nation, helping people to save for the future, providing crucial investment to businesses and improving the economy for all and it is also one of the UK’s star export industries, so it is important that it has a strong trade association to help it deliver on these important goals.”