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MOVES-Schroders CEO Harrison named chair of Investment Association

Reuters - UK Focus

LONDON, Feb 15 (Reuters) - Peter Harrison, the chief executive of Schroders (Frankfurt: 929969 - news) , Britain's biggest listed fund manager, has been appointed chairman of the country's asset management trade body.

Harrison will take up the role on May 1 and replace Helena Morrissey, the Investment Association said in a statement. At the same time, Andrew Formica, the CEO of Henderson Group (Frankfurt: HDJ.F - news) , will take up the role of deputy chair, it added.

The appointments come as the industry grapples with uncertainty around the impact of Britain's vote to leave the European Union on their ability to sell mutual funds and other products across Europe.

A review into the sector by the Financial Conduct Authority has also raised questions about the services offered by asset managers to investors, including around fee transparency and value for money.

"Our industry is experiencing a period of significant change and it is important we work together to ensure we meet our responsibilities to clients and deliver value to them over the long-term," Harrison said in the statement. (Reporting by Simon Jessop. Editing by Andrew MacAskill)