EUROPE - Hugh Trenchard, director general of the European Fund and Asset Management Association, is stepping down after less than a year in the role.

EFAMA said in a statement that Trenchard, a member of the UK's House of Lord's upper chamber of parliament, would not renew his contract which expires at the end of this year.

Trenchard, who had been commuting between London and Brussels, joined the association formerly known as FEFSI in January this year. He now wants to spend more time in the UK on other business activities, EFAMA said.

Secretary general Steffen Matthias will take over the responsibilities for the office in Brussels until a new director general is appointed. EFAMA named Trenchard as director general in December last year.

"I regret very much that Hugh Trenchard is leaving EFAMA," said EFAMA president Stefan Bichsel.

"His international experience and his profound knowledge of the financial sector have helped EFAMA a lot." Trenchard has been commuting between Brussels and London and now wishes to spend more time in the UK on other business activities: "I am sorry to be leaving," he said.

EFAMA has now gained 40 corporate members on top of the original 23 national associations.