April 10 The investment affairs division of the
Association of British Insurers, a British trade body, is to
merge with the Investment Management Association, to create a
focal point for asset managers, Sky News reported.
Insiders told the news service that an in-principle
agreement to a merger, which was recently ratified by the boards
of the two bodies, would be announced on Friday.
The Association of British Insurers (ABI) and the Investment
Management Association (IMA) were unavailable for a comment.
The Sky reported that the ABI will continue to represent
companies on issues affecting the insurance industry, but its
Institutional Voting Information Service, which provides advice
to fund managers on how to exercise votes at company meetings,
will transfer to the newly merged body.
ABI's director of investment affairs Robert Hingley is
expected to move across to help oversee the transition in a
consultancy role before leaving, Sky News reported.
The chief executive of IMA, Daniel Godfrey, is expected to
head the yet-to-be-named organisation, according to the Sky.
The new entity is also expected to appoint a new chairman,
replacing Dougie Ferrans, who had announced earlier that he
would step down.
Sky said that around a dozen people would move from the ABI
to the IMA's new body.
A source told Sky that "the combination will allow the asset
management industry to cover the entire waterfront of matters
which are of interest to fund managers from a single
The two bodies are understood to have set a target date of
June 30 for the completion of the merger, talks for which have
been taking place for several months.
(Reporting by Aashika Jain in Bangalore. Editing by Andre