Boardroom coup as top fund chiefs drive out £533k-a-year Investment Association boss Daniel Godfrey
Ousted: Investment Association confirmed the exit of its £533,000-a-year chief executive Daniel Godfrey
A group of Britain’s most powerful fund managers has succeeded in ousting the head of the leading industry trade body after a bitter row over the pace of reform.
The Investment Association confirmed the exit of its £533,000-a-year chief executive Daniel Godfrey, who was ejected in a boardroom coup.
Godfrey was informed on Tuesday by chairman Helena Morrissey that fellow directors had voted unanimously for his departure.
He had been at loggerheads with a number of IA members, including M&G and Schroders, who disliked what they saw as his aggressive push for reforms, including more transparency for customers and curbs on executive pay.
Guy Sears, at present the director of risk at the IA, will take over as interim chief executive until a permanent replacement can be found.
Supporters of Godfrey took to social media to denounce his opponents.
‘Fund managers that toppled Daniel Godfrey… presumably not fans of transparency and putting customers’ interests first,’ said one.
Small investor lobby group, Share Action, described his departure as a ‘worrying – signal of resistance to much-needed change’.
- How well do your neighbours manage their money? Interactive...
- Euro falls against pound and dollar after central bank...
- The £6.6m Ferrari: A 1960 250 GT with more than 100,000...
- How the state pension top-up works: Is a £1,300-a-year boost...
- Four top fund managers who like banks - and the famous one...
- Jaguar Land Rover sales hit by Tianjin blast after car maker...
- Rents continue to rise and hit record high of £816 a month...
- Thousands more solar power jobs at risk as withdrawal of...
- MARKET REPORT: Broker's 'flash' note to clients directs...
- Thunderous and devastatingly fast: Ferrari reveals F12tdf -...
- Energy saving tips: Should you turn off radiators in rooms...
- 'But officer, I've only had seven pints!': One in five in...