UK – Simon Davies, chief executive of Threadneedle Asset Management, is to take over from Lindsay Tomlinson as chairman of the Investment Management Association.

Davies joined Threadneedle as chief investment officer in 1005 and become CEO in 1999.

Outgoing IMA chairman Tomlinson, vice chairman of Barclays Global Investors, said in a speech last night that UK asset managers needed to “raise game at EU level”.

“This involves working with the Financial Services Authority and the UK government to promote a principles-based, libertarian, capital market and investing regime across the EU.”

He told the IMA’s annual dinner that the UK has the “best corporate governance regime in the world”. He was critical of those seeking to run the “accountability chain” the other way.

Adair Turner, chairman of the Pensions Commission, told the dinner that – contrary to press reports – the Commission had not considered a two-tier pension system based on educational attainment.

He called the proposal "unreasonable, unworkable and just plain silly, and one which the Pensions Commission has not considered for a single second”.

“This illustrates the challenge involved in achieving the informed debate on pensions policy which is required to build consensus around a lasting solution."