The board of the Association of Investment Companies has elected Sarah Bates to be the new chairman succeeding Carol Ferguson. Bates will take up her new role from 24 January 2011 following the completion of Ferguson’s three years in office. Bates has been on the AIC’s board since December 2006 and was elected as deputy chairman in January 2008. She has also been involved in various other AIC committees including chairing the SORP review working party, chairing the AIC’s audit committee and serving on the chairman’s committee. Bates has over 30 years of investment experience and has been an analyst, fund manager, head of UK equities, joint chief investment officer and head of investment trusts, most notably at Invesco, which she left in 2003.