The Association of Investment Companies (AIC) has appointed Richard Stone as Chief Executive of the Association effective from 13 September 2021.
After a short handover period, Ian Sayers, the AIC’s current Chief Executive will step down in October.
Elisabeth Scott, Chair of the Association of Investment Companies (AIC), said: “On behalf of the board, I am delighted that Richard has accepted this position. He brings a strong track record of leadership and business growth in the financial services sector. The board believes that Richard is well placed to build on the many successes achieved by the AIC under Ian’s tenure. Ian leaves with our grateful thanks and good wishes for the future.”
Richard Stone, incoming Chief Executive of the Association of Investment Companies (AIC), said: “It is a real privilege to be taking on the role of steering the AIC, continuing the great work the Association does to protect and promote the interests of its members and their shareholders. I’d like to thank Ian for all his efforts in the last 20 years as Technical Director and then Chief Executive.
“The AIC works hard on behalf of its members and I look forward to continuing that work, for example on issues such as the government’s proposed audit reforms and the ability, post Brexit, for the UK to reform the prospectus requirements. At all times I believe regulation and any regulatory change should be proportionate and whilst protecting investors should look to enhance UK competitiveness.
“Investment companies have a key role to play in enabling all investors to access a wide range of investments, including unquoted opportunities, in areas such as infrastructure and emerging biotech and green technologies. Investment companies have been delivering for investors for over 150 years and today the industry continues to be a vibrant and growing one which has a lot to commend it to all types of investors, who can benefit from the corporate structure to engage with their investments, including through voting and attending AGMs.
“In my time at Share plc I saw first-hand the difference investment companies can make to investors’ portfolios and I look forward to working with all the team at the AIC in continuing to take that message to a wider audience.”
Richard Stone was Chief Executive of Share plc (The Share Centre platform) from 2014 to 2020 and was Finance Director from 2006 to 2013. At Share plc he positioned the company to deliver exceptional customer service, including digital transformation, for both direct retail clients and other partner investment firms. As Finance Director he played a pivotal role in the flotation of the business on AIM in 2008, and as Chief Executive oversaw the significant growth of the business prior to its sale to interactive investor in July 2020. Richard is an ICAEW Chartered Accountant.
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Notes to editors
- The Association of Investment Companies (AIC) was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment. Today, the AIC represents a broad range of closed-ended investment companies, incorporating investment trusts and other closed-ended investment companies and VCTs. The AIC’s members believe that the industry is best served if it is united and speaks with one voice. The AIC’s mission statement is to help members add value for shareholders over the longer term. The AIC has 362 members and the industry has total assets of approximately £257 billion.
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