The chief executive of leading trade body the Investment Association has stepped down after reports emerged that several firms were on the verge of pulling their membership.
Daniel Godfrey, who has been chief executive of the Investment Association since December 2012, gave no explanation for his abrupt departure, just that it would be with immediate effect.
He will be replaced by Guy Sears, currently director of risk, compliance and legal, on an interim basis until a permanent replacement is appointed, the process of which is underway.
Commenting on Godfrey’s departure, Helena Morrissey, chair of the Investment Association, said: "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.”
Godfrey had been pushing for greater transparency over investment fees, but it is felt that his departure comes as media reports suggested that fund firms, including M&G Investments, Schroders, Invesco Perpetual, Aberdeen Asset Management and Fidelity Worldwide Investment were rumoured to be thinking of leaving the organisation.
The Investment Association is the trade body that represents UK investment managers, whose members collectively manage over 5.5 trillion pounds on behalf of clients. Its mission is to make investment better, for both clients to achieve their financial goals, as well as companies to get the capital they need to grow.