The board of the Association of Investment Companies has elected Sarah Bates to be the new chairman succeeding Carol Ferguson.
Bates will take up her new role from 24 January 2011 following the completion of Ferguson’s three years in office.
Bates has been on the AIC’s board since December 2006 and was elected as deputy chairman in January 2008.
She has also been involved in various other AIC committees including chairing the SORP review working party, chairing the AIC’s audit committee and serving on the chairman’s committee.
Bates has over 30 years of investment experience and has been an analyst, fund manager, head of UK equities, joint chief investment officer and head of investment trusts, most notably at Invesco, which she left in 2003.
She is currently involved in a wide range of investment-related activities and is a non-executive director of Invesco English and International Trust, JP Morgan American Investment Trust, New India Investment Trust and Witan Pacific Investment Trust, St. James’s Place and Development Securities nd has a number of pension fund appointments.
She is also involved in a number of voluntary sector activities using her investment background. She is chairman of the Cancer Research Campaign pension fund investment committee and a lay adviser to the Royal College of Surgeons’ charitable fund.
Bates says: “I am very much looking forward to becoming chairman of the AIC and tackling the challenges which lie ahead. The past few years have been a testing yet fascinating time for the investment company industry and I have no doubt that the years ahead will continue to be just as interesting. With RDR on the horizon, the AIC and industry will have the opportunity to introduce the benefits of investment companies to a wider audience.”
Ferguson adds: “I am very pleased to be welcoming Sarah as the next chairman of the AIC. Sarah has been an invaluable board member working tirelessly to benefit the AIC’s work. Sarah brings with her a wealth of investment experience and a highly respected, practical approach to her work. I wish her the best of luck and I have no doubt that she will continue to be a major asset to the AIC.”