T Rowe Price, one of the leading asset managers belonging to the UK’s Investment Association, is likely to snub the trade body's new Statement of Principles by signing up to an alternative code of good practice – another blow to the initiative launched by former IA chief executive Daniel Godfrey.

T Rowe, represented on the IA's board until recently, is close to signing up to a set of guidelines from the CFA Institute, a professional standards association, according to a person familiar with the matter.