Cummings will join in the third quarter of this year, succeeding Guy Sears, who has served for the past five months as interim chief executive. This follows the controversial departure of Daniel Godfrey in October 2015.
The decision to appoint Cummings was unanimously approved by the IA’s board, which includes representatives of 18 asset managers.
Having spent seven years as head of the AIFA, the trade body for financial advisers, Cummings launched TheCityUK in June 2010, a champion of the UK’s financial and professional services industry and its positive role in the economy.
“I believe the UK’s asset management industry has the opportunity to adopt a greater role in society, generating wealth and lifelong financial well-being for millions of people and providing stable long-term financing to help British businesses to grow,” he said.
Helena Morrissey, chair of the IA, said: “Under Chris’s leadership the IA will continue to work with all our stakeholders to serve our members and shape the investment industry to meet the needs of savers.
“The board would like to thank Guy Sears for his work and achievements as Interim chief executive, including the launch of the Productivity Action Plan to boost the British economy and a major pledge to develop a new generation of Disclosure Codes.”
