The trade organisation, which has more than 200 members with a combined £5.5trn ($8.3trn, €7.6trn) of assets under management, said: “Richard joined as director of regulatory affairs in September 2013 and has been instrumental in making our voice heard in all aspects of the EU legislative process in Brussels and the rest of the EU.
“We would like to thank Richard for his contribution and input.”
Metcalfe’s departure, announced internally on Friday, comes as St James’s Place has said it would be following Schroders and M&G Investments in leaving the organisation, claiming the Association no longer met the needs of its business.
“Our business has grown in scale and complexity over the last few years and having reviewed our membership of a number of industry trade bodies, including The Investment Association, we have concluded that none fully meet the needs of our business and therefore are not providing value for money,” SJP said in a statement.
“Of course we will continue to play an active role on industry issues and will review our position regarding membership of the various professional bodies as appropriate.”
Unhappy reforms
The loss of three members has come amid speculation that members of the industry were unhappy with the reform agenda of the trade body’s former chief executive Daniel Godfrey.
Godfrey left the IA in October and has been replaced by interim chief executive Guy Sears, the group’s director for risk, compliance and legal affairs, while the body searches for a permanent replacement.
UK media have reported that Metcalfe and a member of his team have now been pushed out of the organisation, while two more people from that unit have been shifted elsewhere within the company.
