Chris Cummings, chief executive of the fund managers’ trade body the Investment Association, is to step down in June after 10 years in the role.

The IA will launch a search for his replacement shortly.

In the summer, Mr Cummings was appointed deputy chair of a new government campaign to promote retail investment.

Board chair and executive vice president and head of EMEA for State Street Investment Management, Ann Prendergast, praised his leadership at the IA.

She said: “On behalf of the IA board, I would like to extend our thanks to Chris Cummings for his dedicated service to the investment management industry.

“Under his leadership, the IA has navigated the industry through a period of substantial change, including Brexit and the global pandemic. He has successfully championed the role of industry in driving economic growth and leading the way in innovation, while staying true to its central purpose of serving clients.

"I know all in the industry will wish him all the best for the future.”  

Mr Cummings said: “The investment management industry is truly the jewel in the crown of the UK’s financial services sector, and it has been a great privilege to lead the IA for the past decade.

“I’m extremely proud to have overseen the IA’s growth into wealth management, private markets, and especially fintech, where we have played a central role in driving technological innovation, through the creation of IA Engine and our work on tokenisation and AI.

"The industry has shown it can attract the best talent from around the world while also growing its own, and I am particularly proud of the work of Investment20/20 in bringing in a rich diversity of talented individuals.”

During his 10 year tenure the IA has supported fintech innovation, expanded its international reach by adding offices in Brussels and Washington, and become an affiliate member of international investment body IOSCO and gained observer status at COP.

The IA has also helped more than  3,000 young people take up careers in the investment management sector and promoted “robust” corporate governance standards, the IA said.