Helena Morrissey, chief executive of Newton Investment Management, is to replace Douglas Ferrans as chairman of the Investment Management Association at the end of June, following the completion of its merger with the investment division of the Association of British Insurers.

Morrissey will oversee the UK trade body from the end of June. Following the ABI merger, the IMA will change its name to The Investment Association. The IMA currently represents the interests of asset managers in the UK managing £5 trillion.