The Investment Association (IA) — the powerful trade group for the Scottish and UK fund management industry — said Daniel Godfrey is leaving his role as its chief executive, which he has held since December 2012, with immediate effect.

News reports in the past two days had claimed major fund management companies were unhappy with Godfrey’s management style, claiming it made the IA more like a regulator than a trade group. It is claimed some had threatened to quit the IA.

The IA represents more than 200 companies that manage more than £5 trillion of assets.

Guy Sears, currently director of risk, compliance and legal, will take on the role of interim chief executive until a permanent replacement is appointed, said the IA.

“The board would like to thank Daniel for his significant contribution to the Investment Association,” said Helena Morrissey, chair of the IA.

“During his time Daniel has driven a number of important initiatives, including the transformative merger with ABI Investment Affairs.

“His commitment and passion for our industry is widely admired by all those who have worked with him. We owe him a great debt of gratitude and wish him the very best for the future.”