Michelle Scrimgeour, chief executive of Legal & General Investment Management and Patrick Thomson, chief executive for EMEA of JP Morgan Asset Management, have been appointed deputy chairs.
The three will assume their roles on 1 May.
Mr Skeoch replaces Peter Harrison, group chief executive of Schroders, as chair after his three-year term comes to an end. Ms Scrimgeour and Mr Thomson replace Mr Skeoch as deputy chair of the board.
Chris Cummings, chief executive of the fund managers’ trade body, said: “I am delighted that Keith, and Michelle and Patrick, have been appointed as the new chair and deputy chairs of our board. Their fresh perspectives and senior business experience will be invaluable in the years ahead.
“I would also like to pay tribute to Peter Harrison, who has been an inspirational chair of the IA and who has helped build it into the organisation of influence that it is today.”
Mr Skeoch said: “The asset management industry plays key roles in allocating capital to businesses and infrastructure projects, engaging with companies on ESG issues and importantly helping millions of people achieve their long-term financial objectives.
“I am honoured to be appointed chair of the board of the Investment Association.”
The IA has 250 member firms who manage £7.7 trillion of assets. The investment management industry supports 115,000 jobs across the UK, according to the IA.