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17 December 2009

AIC appoints Ian Sayers as Director General

The Association of Investment Companies (AIC) has appointed Ian Sayers as Director General of the Association effective from 1st January 2010.   Ian has been Acting Director General of the AIC since Daniel Godfrey left the Association at the end of July 2009.

Carol Ferguson, Chairman of the AIC said: “On behalf of the Board, I am delighted that Ian has accepted this position as he has done an outstanding job for the AIC. Ian’s intellectual rigour and specialist knowledge have already been an enormous benefit to the AIC. He has been instrumental in many of the Association’s victories, particularly the VAT case win, which benefited the industry to the tune of £40 million a year.  The Board are confident that Ian will lead the AIC forward to future successes.”

Ian Sayers, Director General of the Association of Investment Companies said: “I am extremely honoured that the Board has decided to appoint me as Director General and look forward to taking up the role next year.  Despite a difficult start to the year for markets, the Association is in a strong position with its membership close to an all time high, thanks to our continued strong representation amongst UK investment trusts, and increasing membership from offshore investment companies, venture capital trusts and AIM listed investment companies.

“The investment company industry faces a uniquely challenging time, as policymakers try to tackle the problems arising from the recent financial crisis, but I am lucky to inherit an experienced and committed team who are ready for the challenges that lie ahead. As the first draft of the AIFM Directive demonstrates, regulatory responses in times of crisis are not always properly targeted and proportionate, but it is essential that we continue our constructive approach in Europe.  Delivering a sensible result so that the sector can not only survive, but continue to thrive, remains our number one priority.  A lot of progress has been made, but much more work remains to be done.

“There are also great opportunities for the sector to regain its rightful position alongside other forms of collective investment.  The Retail Distribution Review represents a rare opportunity for the industry to create an environment where investment company shares are more widely considered and purchased by retail investors and their advisors.

“I look forward to leading the debate on these issues and working with all our members to help them deliver the best possible returns for their shareholders.”

Ian Sayers joined the AIC in November 1998 as Technical Director and was promoted to Deputy Director General in 2005.  Ian has been heavily involved in the AIC’s pubIic affairs and lobbying activities and has extensive experience in providing technical advice to the AIC’s members and their managers on taxation, accounting, company law and regulation.  Previously Ian worked at Ernst & Young, where he was a tax manager in the Investment Management Group specialising in investment trusts. 

The AIC appointed the executive search company, The Inzito Partnership to assist in this appointment.  The search was conducted by Carol Leonard and Graham Jones.

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Notes to Editors
The Association of Investment Companies was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment. Today, the AIC represents a broad range of closed ended investment companies, incorporating investment trusts and other closed ended investment companies and VCTs.  The AIC’s members believe that the industry is best served if it is united and speaks with one voice. The AIC’s mission statement is to help Members add value for shareholders over the longer term. The AIC has 345 members and the industry has total assets of approximately £83 billion.

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