Fund management: an industry not covering itself in glory

It is unlikely that many readers of this paper will have noticed that the industry body that represents the fund management industry in the UK – The Investment Association – is in turmoil. By way of background, the Investment Association has over 200 member firms managing more than £5.5 trillion of assets globally – to put this another way, given The Investment Association’s huge reach, it is almost certain that everyone you know who holds investment assets is a client of a member firm.

The Investment Association’s aim is an honourable one: ‘to make investment better for clients, companies and the economy so that everyone prospers’. Yet its CEO has just resigned and two of the largest member firms – Schroders and M&G – are allegedly quitting the organisation because of recent reforms being undertaken.

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