The Investment Association, the fund managers’ trade body, has appointed four new board directors - including three women - to help improve gender diversity in a sector which has been criticised for being male dominated.

The IA says the appointments “nearly double” female representation on the board from 20% to almost 40%.

The organisation says the announcements “reflect the IA’s commitment to increase diversity throughout the industry” and will help boost industry leadership.

Joining the board immediately are:

Caroline Connellan, chief executive - Brooks Macdonald Group. Ms Connellan joined Brooks Macdonald in April 2017 from HSBC where she was head of UK Premier and Wealth. She has extensive experience in the wealth and asset management sectors as a consultant at McKinsey and started her career as a fund manager with Newton.

Michelle Scrimgeour, chief executive, EMEA - Columbia Threadneedle. Ms Scrimgeour joined Columbia Threadneedle Investments in 2017. She was previously chief risk officer at M&G Investments and had an extensive career at BlackRock (previously Merrill Lynch Investment Managers and Mercury Asset Management).

Hanneke Smits, chief executive - Newton Investment Management. Ms Smits joined Newton in 2016 as CEO. She was executive committee member and chief investment officer at private equity firm Adams Street Partners. She is chair of Impetus-PEF, a venture philanthropy organisation which backs charities that aim to transform the lives of disadvantaged young people. She is also co-founder and former chair of Level 20, a not-for-profit organisation set up in 2015 to inspire women to join and succeed in the private equity industry.

Dan Watkins, chief operating, EMEA – JP Morgan Asset Management. Mr Watkins joined JP Morgan AM in 1997 and oversees the business infrastructure of investment management in Europe, US and Asia. He is also deputy CEO of AM EMEA, acting as a director of regulated entities across the region.

Peter Harrison, chairman of the Investment Association, said: “I am delighted to welcome Caroline, Michelle, Hanneke and Dan to the IA’s board of directors. Their perspectives and experience will enable the IA to remain an authoritative voice for the asset management industry.

“I would like to pay tribute to the contribution of those retiring directors, who have given us many years of service. Their wisdom and experience have helped to build the IA into the organisation of influence that it is today.”

Chris Cummings, chief executive of the Investment Association, said: “The board of directors sits at the heart of the IA and it is essential that we have a diversity of backgrounds and perspectives around the table.”

The new appointments replace four retiring board members: Paul Feeney, Quilter; Andrew Formica, Janus Henderson; Andrew Laing, Aberdeen Standard Investments and Mark Zinkula, Legal & General Investment Management.