CEO to leave AIC, £237bn closed-end fund group

Ian Sayers

The Association of Investment Companies (AIC) announced that its CEO Ian Sayers has decided to step down later this year.

The AIC represents the UK’s closed-end fund industry. It has 361 members and the industry has total assets of £237 billion.

“Ian was appointed chief executive of the AIC in January 2010, having joined the association as technical director in November 1999,” said the AIC.

“Ian has agreed to stay in position whilst a search for a new chief executive is undertaken.

“A full search will be completed by Odgers Berndtson …

“The AIC will make a further announcement later this year and it is expected that the process will be concluded by the end of 2021.”

Sayers said: “It has been an honour to lead the association over the past eleven years and I would like to thank the board of the AIC.

“I have been fortunate to lead the AIC during a period when the sector has gone from strength to strength and work with a team which is not just the best in its field but also great fun to work with.

“I have been involved with the sector for over 20 years now and believe investment companies are the best vehicle for delivering long-term capital growth and a reliable income.

“I have made many friends in the sector over this time, and most of all have been struck by how they share the same passion for investment companies and commitment to helping shareholders meet their financial goals.

“It will be difficult to leave, but I look forward to working with the Board to ensure a smooth transition to a new chief executive.”

AIC chair Elisabeth Scott said: “On behalf of the board I would like to thank Ian for his significant contribution to the industry.

“Ian became chief executive after the financial crisis when the investment company industry faced sweeping changes to European regulation.

“Ian helped guide the sector through these regulatory threats.

“This allowed investment companies to thrive in the low interest rate environment which has persisted since then as investors have sought attractive returns and income opportunities from equities and alternative assets.

“During his tenure, industry assets have almost tripled from £85bn in 2010 to £237bn today.”