The IMA will take on the investment activities of the ABI, including the Institutional Voting Information Service, with a new chair being appointed next month as Douglas Ferrans prepares to step down.
The new association, which will run under a new name as early as June, will assume broader representation and while discussions are ongoing, they are said to be at a “final stage”.
The ABI will remain in its current form, representing the insurance sector as asset owners.
'Strategic step'
“This is a very important strategic step for the IMA and our members. We will now be able to provide a single, united and coherent voice across the entire range of issues and activities that concern investment management – to the benefit of clients and ultimate beneficiaries," said chief executive Daniel Godfrey.
He added that the merger represented the longer-term approach that the IMA has in driving a culture of stewardship and engagement.
