Following the merger, the new trade body will be called the Investment Management & Financial Advice Association (IMFA) and will be led by Liz Field the current CEO of the WMA (Pictured Above).
The merger will be effective from 1st June, subject to approval by the members of both trade bodies.
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“The resulting trade association will continue to lead the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the investment advice and financial management arena,” said Liz.
It is expected that IMFA will be financially positive on a standalone basis by the end of the first year.
IMFA will represent UK firms offering investment advice, portfolio management, as well as investment and execution services, financial planning and advice for private clients.
Chris Hannant, director general of APFA, added: “The proposed new trade association will provide a stronger, united voice that can better lobby on behalf of the combined membership.”
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