Mr Thomson, currently deputy chair, will take up his new role leading the 18-strong board on 27 September.

He will replace former Aberdeen Standard Investments CEO Keith Skeoch.

Mr Skeoch said: “It has been a great privilege to serve as the chair of the board of the IA. Our industry’s pivotal role in the UK economy assisting business growth and helping UK savers meet their goals has never been more needed. I

“I have been proud to play my part by helping the industry through the Coronavirus pandemic, as well as championing the role of modernising stewardship, so that we can create long-term sustainable value that benefits businesses, communities, and the environment.” 

Mr Thomson said: “It is an honour to have been selected as chair of the IA’s board during this important period of change for the industry, as we seek to help savers and investors navigate inflationary headwinds, a cost-of-living crisis, a challenging geopolitical backdrop as well as fully understand the long term implications of climate change.”

Chris Cummings, chief executive of the IA, said: “I am delighted to welcome Patrick Thomson as chair of the IA’s Board.  Patrick is a well-respected business leader and held in high esteem by his peers, making him well-placed to champion our industry.  

“As deputy chair, he has frequently represented the IA and spoken on behalf of the industry at meetings with policymakers and regulators in the UK and internationally, and he will bring this experience and global connections to the role.

“I would also like to pay tribute to Keith Skeoch, who has successfully guided the IA through the challenges of the Coronavirus pandemic, invasion of Ukraine, and rapidly rising inflationary environment.  He has been a strong and thoughtful voice speaking up for the investment management industry, and one that has been heeded by authorities.”