Both firms’ IA memberships are set to expire in coming months. M&G and Schroders confirmed that the Sky News report is correct, but refused to elaborate further on the matter.
“It would be incredibly disappointing to lose any member and we will do everything we can to convince anyone who is considering leaving to stay,” Daniel Godrey, IA CEO, said in a statement.
The news breaks against a backdrop of change within financial services, with the industry in the midst of a catalogue of regulatory reforms.
With combined assets of more than £550bn, the departure of M&G and Schroders from the IA roster would represent the loss of two influential and well-regarded affiliates.
“Our very pro-active strategy to help a great investment management industry make investment even better can be uncomfortable at times,” Godfrey added.
“But it is not only the right thing to do given the responsibility of managing other people’s money as their agents, it is essential in the post-global financial crisis world if we are to maintain the right to have influence over our future regulatory and legislative environment.”
