Embargoed Until: 10am Friday 2 February 2001

TOP JOBS ANNOUNCED AT AUTIF

The Association of Unit Trusts and Investment Funds (AUTIF) is pleased to announce that Richard Saunders is to take over as its new Director General with effect from 1 May 2001. AUTIF also announced that Sheila Nicoll has been promoted into the new role of Deputy Director General.

Mr Saunders comes to AUTIF with far-reaching experience. He spent the first twenty years of his career in the Civil Service, mostly at the Treasury, where among other roles, he managed the passage through Parliament of the Building Societies Act 1986, served as Press Secretary to the Rt Hon Lord Lamont when he was Chancellor of the Exchequer, and headed the Private Finance Unit in the mid 1990s. He also spent a two years as Head of the Economic Department at the British Embassy in Washington. He left the Treasury in 1995 to become Director of Development and Communications at MAI plc and subsequently United News & Media. Since 1997, he has been a director of financial PR consultancy Cardew & Co.

Ms Nicoll, the new Deputy Director General, was since 1992 Director of Legal, Fiscal and Regulatory Affairs at AUTIF. Prior to AUTIF, she was at The London Stock Exchange for ten years where she became Head of International Relations.

Alan Ainsworth, Chairman of AUTIF, commented:

"The growth outlook for this industry over the next decade is extremely positive. In seeking a new Director General for AUTIF, we set a clear objective: to identify an outstanding individual capable of leading and building a trade association representing a dynamic, growth industry. My industry colleagues and I were unanimous in seeing in Dick Saunders all the experience and skills necessary to achieve this objective.

"The promotion of Sheila Nicoll to Deputy Director General is recognition of the enormous contribution she has made to AUTIF during the last 8 years. It also represents a deliberate policy to strengthen the senior management team in AUTIF, positioning the Association for growth in the years ahead"

Mr Saunders succeeds Philip Warland, who after ten years at AUTIF is leaving to join PricewaterhouseCoopers, as a senior adviser to their financial services regulatory practice in Europe.

For further information please contact:

Alan Ainsworth, Chairman, AUTIF - +44 (0)20 7464 5739
Sheila Nicoll, Deputy Director General, AUTIF - +44 (0)20 7831 0898
Anne McMeehan, Director of Communications, AUTIF - +44 (0)20 7831 0898
Clare Arber, PR Manager, AUTIF - +44 (0)20 7831 0898