IMA

Vanguard managing director Thomas Rampulla and AXA IM UK head Irshaad Ahmad have joined the IMA board, boosting total numbers to 18.

The asset management industry must regain consumers' trust and boost pension saving or risk a financial crisis even worse than the 2008 crash, the Investment Management Association (IMA) has said.

Aviva Investors has opted to pull its absolute return fund out of the Investment Management Association's (IMA) Absolute Return sector, after the category was renamed earlier this year.

Former Investment Management Association (IMA) chief Richard Saunders has joined Investec Asset Management's board as a non-executive director.

FUND PICKS

Two senior members of government yesterday met the investment management (IM) industry in a bid to demonstrate their commitment to the sector.

Fund closures and mergers in the UK have soared to a record high in the past six months as groups cull smaller or underperforming funds amid pressure on margins.

Investment Management Association (IMA) chief executive Daniel Godfrey says there is "no reason" why fund groups should not be able to agree a methodology for displaying costs more transparently by the end of 2013.

The Investment Management Association (IMA) has decided not to modify its sector rules governing fixed income funds' currency exposure, IFAonline's sister title Investment Week understands.

Investors ploughed £1.1bn of ISA money into funds for the tax year 2012/13 - down from £.2.2bn the previous year, data has revealed.