Peter Harrison to become Investment Association chair

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Schroders chief executive Peter Harrison is to replace Helena Morrissey as chair of the Investment Association board, the trade body confirmed this morning.

In addition Andrew Formica, chief executive of Henderson Group, will become deputy chair.

IA chief executive Chris Cummings says the pair have years of experience running “household-name asset managers”.

In a statement Harrison said he looked forward to continuing to work closely with Chris Cummings and the rest of the team.

“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 May 1 as she joins Legal & General Investment Management, which already has an Investment Association board representative. 

The IA had confirmed last November Morrissey’s plans to depart.

Harrison and Formica will both commence their new roles on the same date.

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. 

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.