Chris Cummings was named CEO of the Investment Association, the U.K.'s money management trade association.
Mr. Cummings will replace Guy Sears, who has been interim CEO for the past five months. A spokesman for the Investment Association said Mr. Sears will continue to focus on the role until Mr. Cummings joins, which is expected by the end of the third quarter this year.
Mr. Sears filled the role while a search process was conducted to find a permanent replacement for Daniel Godfrey, who left in October.
The decision by the board to appoint Mr. Cummings was unanimous, said an IA news release. The association's members manage a combined £5.5 trillion ($7.8 trillion) of assets.
Mr. Cummings is the founding CEO of TheCityUK, which lobbies on behalf of the financial industry and related professional services. In a statement sent by e-mail, TheCityUK said the board has “put in place a process to select a suitable replacement at the earliest opportunity.”
