Chris Cummings takes the role after the departure of Daniel Godfrey in October 2015. He is expected to join by the end of the third quarter of 2016.
The decision to appoint Mr Cummings was made unanimously by the IA's Board, which includes representatives of 18 British investment managers. He will succeed Guy Sears, who has served for the past five months as interim chief executive.
After spending 7 years as director general at AIFA, the trade body for financial advisers, Chris launched TheCityUK in June 2010 and the organisation has evolved to being a major champion of the UK's financial and professional services industry and its positive role in the economy.
Helena Morrissey, chair of the Investment Association, said: "I am delighted we have secured a chief executive of Chris's calibre to take the Investment Association forward. Chris has years of experience helping businesses to deliver the best outcomes for their customers.
"Under Chris's leadership the IA will continue to work with all our stakeholders to serve our members and shape the investment industry to meet the needs of savers.
"The board would like to thank Guy Sears for his work and achievements as interim chief executive, including the launch of the productivity action plan to boost the British economy and a major pledge to develop a new generation of Disclosure Codes."
Mr Cummings said: "I am very excited to be taking over as chief executive of the Investment Association, which plays a crucial part in securing the best outcomes for savers, investment managers and the broader economy.
"I believe the UK's asset management industry has the opportunity to adopt a greater role in society, generating wealth and lifelong financial well-being for millions of people and providing stable long-term financing to help British businesses to grow."
- Like this story? Sign up below for our daily newsletter