UK trade body
theAssociation of Investment Companies has elected Andrew Bell as its new chairman.
Bell will take up the role on 24 January following the completion of incumbent
Sarah Bates’s two-year term of office.

Bell who is currently AIC deputy chairman, is chief executive of Witan Investment Trust
and a non-executive director of Henderson High Income Trust. He previously held
roles at Rensburg Sheppards Investment Management, BZW and Credit Suisse First
Boston.

“The investment company industry has had a
challenging yet hugely interesting few years, with pressures from a number of
quarters for changes in financial services governance and regulation. The AIC’s
executive team and board have a crucial role in helping to shape the regulatory
debate, as well as providing advice and guidance to members on the
implementation of any resulting changes in the rules,” said Bell.

The AIC recently called for greater clarity on how listed
investment trusts disclose their levels of debt gearing, in advance of next
year’s regulatory reforms. It suggested that investment companies publish a
primary, consistently calculated measure of gearing, expressed as a simple
percentage.

The AIC represents
closed ended investment companies. Its 343 members are traded on the
London Stock Exchange, AIM, SFM, Euronext and the Channel Islands Stock
Exchange.