A group of the UK’s biggest fund managers have ousted Investment Association (IA) chief executive Daniel Godfrey, who had been trying to push through reforms.
Mr Godfrey had been pressing for greater transparency over fund manager fee charges and had asked fund managers to sign up to an April 2015 statement of principles that included putting clients’ interests first and ahead of their own.
Schroders and M&G Investments had been threatening to quit the IA in a dispute over Mr Godfrey’s leadership style, with other fund groups rumoured to be joining them.