The AIC has appointed Ian Sayers as director general after he held the role of acting head of the organisation since the departure of Daniel Godfrey at the end of July.
Sayers, who joined the Association in 1998, takes over the role from 1 January 2010. Previously, he was a tax manager at Ernst & Young specialising in investment trusts.
"Ian's intellectual rigour and specialist knowledge have already been an enormous benefit to the AIC," says chairman Carol Ferguson.
"He has been instrumental in many of the Association's victories, particularly the VAT case win, which benefited the industry to the tune of £40m a year. The Board are confident that Ian will lead the AIC forward to future successes."
Sayers adds: "I am extremely honoured that the Board has decided to appoint me as director general and look forward to taking up the role next year.
"The investment company industry faces a uniquely challenging time, as policymakers try to tackle the problems arising from the recent financial crisis, but I am lucky to inherit an experienced and committed team who are ready for the challenges that lie ahead."
