Peter Arthur has spoken optimistically about the future after being appointed as the next chairman of the board of the Association of Investment Companies.
Mr Arthur, a qualified solicitor and a Fellow of the Chartered Institute of Secretaries and Administrators, succeeds Andrew Bell.
He will take up this position in January 2015.

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Mr Arthur, formerly a director of ISIS Asset Management, said: "This is a time of significant change in the savings and investment market and whilst such change brings new challenges to our member companies and the AIC, it also offers opportunities for those bold enough to take advantage of them."
Mr Bell, chief executive of Witan, will step down following two years as chairman and having served a nine year term.
Mr Arthur joined the AIC board in 2011, and was elected deputy chairman in 2013. He has been a member of the AIC's audit committee since June 2011.
He previously held a role as chief legal counsel, Europe, for Franklin Templeton Global Investors and before that he was joint managing director of Edinburgh Fund Managers.
Mr Arthur said: "I am very much looking forward to becoming chairman of the AIC.
"Having been involved with investment companies in a variety of capacities, virtually all of my working life, it is a great honour to be asked to serve the industry in this way.
"Previous chairmen have worked tirelessly in the best interests of the Association's member companies and I would particularly like to pay tribute to my predecessor, Andrew Bell, for the major contribution he has made to the AIC."

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