IMA reports £188,000 profit for 2013 as Godfrey earns £469,000

The Investment Management Association made a profit of £188,000 in 2013, reversing losses from 2012, after a significant jump in revenues from membership fees.

In its full-year results to 31 December 2013, the trade body said pre-tax profit was £187,673, compared to 2012's loss of £145,000. Subscription fees from members brought in £6.2m, up from £5.5m in 2012, while it made a further £680,000 from sector and affiliate members. The update from the IMA also revealed chief executive Daniel Godfrey (pictured) earned £469,000 during the year, £113,000 more than his predecessor Richard Saunders who earned £355,000 during 2012. Earlier this year, it was announced the IMA would change its name to The Investment Association and be chaired by Newt...