Just over two months ago the Investment Association was in a state of crisis, when its chief executive Daniel Godfrey was pushed out after giving his blessing to a series of initiatives that were unpopular with many of the trade body's members.

Godfrey's policy initiatives were applauded by governance hawks, but two of the IA's largest members, Schroders and M&G, brought things to a head by announcing they would not renew their membership at the end of 2015.