The Investment Management Association (IMA) is to merge with the Investment Affairs Division of the Association of British Insurers (ABI).
The trade bodies have agreed to the merger in principle and are locked in the final stages of talks.
The unification will create a new trade body covering the full spectrum of investment management and will be fronted by a new chairman.
The merger will include the ABI’s Institutional Voting Information Service (IVIS) and the ABI will continue to represent insurers.
IMA chairman Daniel Godfrey (pictured) said: This is a very important strategic step for the IMA and our members. We will now be able to provide a single, united and coherent voice across the entire range of issues and activities that concern investment management - to the benefit of clients and ultimate beneficiaries.
‘It will help us meet one of our key objectives by increasing our clout and credibility in developing a culture of longer-term thinking. It will enable us to provide stronger and seamless support to the nascent Investor Forum.’