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Fund groups oust Investment Association chief

Daniel Godfrey has stepped down from the top job at the fund management industry trade body with immediate effect.

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.

The latest list of 25 firms that have signed up to the IA’s statement of principles, dated August 2015, does not include Schroders, M&G, Fidelity or Invesco Perpetual.

Guy Sears has taken on the role of interim chief executive until a permanent replacemnt is appointed.