The Investment Management Association has posted a £188,000 pre-tax profit for the year ending December 2013 as chief executive Daniel Godfrey earned a £469,000 salary.
The profit represents a turnaround compared to a £146,000 loss in 2012 whilst Godfrey’s pay packet is a 21 per cent increase on predecessor Richard Saunders’ £386,000 wage in 2012.
IMA turnover rose 10 per cent to £7.9m from £7.1m during 2013 with full members contributing £6.3m. Staff costs rose 9 per cent to £4.9m from £4.5m.
Godfrey says: “A key theme for the IMA and for the industry at large has been reputation. During a period when asset managers are playing an ever more visible role in the economy and society, expectations – and criticism – are running high.
“The IMA is taking the lead in a number of areas, working to improve accountability, transparency and operating practice. However, the industry also faces the ongoing task of explaining clearly how its business model works and why it should be regulated accordingly.”