Mr Cole-Fontayn will formally become CISI chairman from October, when current chairman, Sir Alan Yarrow, Chartered FCSI(Hon), retires after completing nine years.
The term of office is initially for three years.
After a 35 year career in financial services at BNY Mellon, Mr Cole-Fontayn is chairman of the Association of Financial Markets in Europe (AFME), which will continue alongside his new role at the CISI.
He is also founding director and Advisory Council member of the Financial Markets Standards Board (FMSB), trustee of the Charlie Waller Memorial Trust (Mental Health Charity) and founding chairman of global programme the 30% Club.
In September last year, he was recognised by the Financial Times and HERoes for outstanding contribution and commitment to driving the greatest changes in women’s careers.
He was featured in the Top 30 Male Champions of Women in Business.
Mr Cole-Fontayn said: “I am extremely pleased to be working with the Institute.
“I am a great admirer of the dedication and relentless commitment the Institute has devoted to the raising of standards of ethics and integrity across the profession, particularly in its role as pioneer in rolling out a programme of ethics workshops and tests for its global membership.
“I am looking forward to supporting the CISI in promoting professionalism globally, building on the work already achieved in the securities, investment, wealth and financial planning professions, and helping to encourage the next generation’s enthusiasm for a career in finance.”
Simon Culhane, Chartered FCSI and CISI CEO said: “We are delighted to have been able to attract a Chairman of Michael’s calibre.
“He is supremely well qualified and immensely respected. In addition, his membership of the European Financial Services Chairmen’s Advisory Council (EFSCAC) is particularly welcome.”
Alan Ramsay, FCSI(Hon), CISI deputy chairman and chair of the Nomination Sub-Committee, said: “Michael was the outstanding candidate from a strong field.
“We look forward to supporting him in helping us achieve our vision for the Institute, its members and global community.”