Ian Sayers will step down as chief executive of the Association of Investment Companies later this year after more than a decade in the role.
Sayers (pictured) will stay in his post while a search for his replacement is undertaken by recruiter Odgers Berndtson. The AIC said it hopes to have Sayers’ successor in place before the end of 2021.
Sayers first joined the investment trust trade body as a technical director in November 1999 and stepped into the chief executive role in January 2010.
As head of the AIC he led the charge on several crucial initiatives during his tenure, including successfully campaigning for the abolition of commission on investment products, which ushered in the Retail Distribution Review (RDR), and warning about shortfalls in Key Information Documents . He also called for tighter restrictions in daily-traded open-ended funds holding illiquid assets following the collapse of the Woodford Equity Income fund.
Since he took his post, assets in the industry have almost tripled from £85bn in 2010 to £237bn today.
In a statement Sayers said: “It has been an honour to lead the association over the past 11 years and I would like to thank the board of the AIC. I have been fortunate to lead the AIC during a period when the sector has gone from strength to strength and work with a team which is not just the best in its field but also great fun to work with.
“I have been involved with the sector for over 20 years now and believe investment companies are the best vehicle for delivering long-term capital growth and a reliable income. I have made many friends in the sector over this time, and most of all have been struck by how they share the same passion for investment companies and commitment to helping shareholders meet their financial goals. It will be difficult to leave, but I look forward to working with the board to ensure a smooth transition to a new chief executive.”
AIC chair Elisabeth Scott thanked Sayers for his “significant contribution to the industry”.
She said: “Ian became chief executive after the financial crisis when the investment company industry faced sweeping changes to European regulation. Ian helped guide the sector through these regulatory threats. This allowed investment companies to thrive in the low interest rate environment which has persisted since then as investors have sought attractive returns and income opportunities from equities and alternative assets.”
