Saunders announced in May that he was to step down, after 11 years in the role. He will remain with the IMA in an advisory capacity until the end of the year to assist with an orderly transition.
Godfrey spent 11 years at the AIC, leading it through a number of complex regulatory and industry challenges in a period of sustained success.
More recently he was at the Phoenix Group from November 2009 to February this year, though his CV also includes roles as chairman of the Personal Financial Education Group from 1999 to 2003, while he was also a member of HM Treasury’s Financial Services Forum from 2006 to 2010.
Godfrey spoke of a key tenet of his role to repair a damaging breakdown in trust between society and the financial services.
“The challenge is broad and complex, but the agenda is simple,” he said.
“The IMA and the industry must identify and do whatever is necessary to earn trust by demonstrating the fundamental qualities of transparency and customer focus on which investment management is based. Secondly, we need to steer a path through the regulatory agenda so that consumers are properly protected without unnecessary costs or distractions that can only cause detriment by damaging long-term returns.”
“The investment management sector can lead the efforts to restore trust. I am looking forward to working with the talented team at the IMA, the board, our members and the wider community of stakeholders, especially consumers and their representatives, to help the Association add value for investors.”
Douglas Ferrans, IMA chairman, said it had been an “exhaustive” process to recruit Saunders’ successor.
“Our objective was to find an individual capable of leading the IMA in the most challenging environment we have ever seen and we believe that Daniel has the integrity, experience and skills necessary to achieve that,” he added.
“The board would also like to put on record our appreciation of Dick’s achievements over the last decade at the helm of our Association and to offer him our good wishes for his future.”
