The Investment Association has appointed Peter Harrison as the new chair of its board.

Harrison who is currently group chief executive at Schroders will take on the new role at the Investment Association on 1 May. He will replace current chair Helena Morrisey who will step down and join Legal & General Investment Management.

Accompanying him, the Investment Association has also appointed Henderson Group chief executive Andrew Formica, as deputy chair, joining the board on the same date.

Both Harrison and Formica will serve on the board for a two-year fixed term.

Harrison said: "As the incoming chair of the board of the Investment Association, I look forward to continuing to work closely with Chris Cummings and the rest of the team. 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."

Formica commented: "I am passionate about the positive role asset management plays in delivering value for its clients, and the Investment Association is an important part of making sure the industry is able to deliver the best possible outcomes for savers and investors."

Commenting on the new recruits, Investment Association CEO Chris Cummings added: “I am delighted that the Board is today able to announce the appointment of two directors with years of experience running household-name asset managers to these important leadership roles.

"I would like to offer thanks on behalf of the Investment Association to Helena Morrissey for her tireless and outstanding contribution to the industry in her time as Chair."

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