The new body will be known as the the Investment Management & Financial Advice Association will be effective from 1 June, subject to member approval.
It will be led by current WMA chief executive Liz Field.
APFA director general Chris Hannant will remain with IMFA as a strategic adviser for its first year, with APFA’s three other permanent staff – Caroline Escott, Alex Roberts and Emma Evans – also moving over to the WMA’s London offices. Total staff of IMFA on its formation will be 22.
The IMFA will represent UK firms offering a range of financial solutions, including investment advice and portfolio management, as well as investment and execution services, financial planning and advice for private clients.
Both trade associations’ boards have recommended the proposed merger, which is billed as creating a “stronger voice for the investment management and financial advice industry in the UK”.
IMFA is expected to be “financially positive” on a standalone basis by the end of the first year.
Field said: “The resulting trade association will continue to lead the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the investment advice and financial management arena”.
Hannant said the new trade association would “provide a stronger, united voice that can better lobby on behalf of the combined membership”.
