The Guild of Investment Managers (GIM) has been granted 'City of London' status by the Court of Aldermen, the first step in becoming a livery company.
GIM was founded in 2016 to represent investment professional working in the asset management industry.
It currently has 40 members and was founded by Mark Henderson, Alderman John Garbutt and Common Councillor James De Sausmarez who all worked at Touche, Remnant & Co.
The approval means it can use the status in charitable activities and networking.
The last time a financial services sector was recognised with City of London status was that of tax advisers in 1995. There are some 110 livery companies of the City of London with most areas of financial services, such as tax advisers, chartered accountants and insurers represented.
GIM will now have four years to gain a minimum of 100 members before they can apply to become a company. After another four years, they will be able to apply to become a livery company if they meet criteria such as sufficient membership and establishing a charitable trust.
Henderson said: "Being formally recognised will mean the asset management industry can now play its full part in the City and give something back."
Prospective members can contact the founders of the Guild at [email protected] for more details or to obtain a membership application form.
Effective from 1 August
10 new members
Strategic partnership between firms
12 months' notice