The project continues to strive for improved automated solutions for mutual funds in the UK.

Current chair of the UK Fund Trading and Settlement project, Ed Dymott of Fidelity International, will step down and hand over to Phil Hine, UK transformation director at Old Mutual Wealth.

The announcement comes as the initiative moves into its next stage of consulting with the industry in early 2017, with a view to “fostering an efficient and competitive market”.

The project was set up to review the way £1 trillion ($1.3 trillion) of mutual funds are traded and settled. It called for input and engagement in June, and 13 firms responded including existing incumbents, international players and new entrants.

“The 5 work streams identified by the project provide a great platform to start implementing a number of significant improvements for the industry. I am delighted to be taking forward the great work done by Ed and the group as we move into the next stage of this project,” said Hines in a statement.

“We are delighted by the engagement we have from over 20 major players, however we would encourage more firms to engage in the process,” he added.

The project is currently supported by a range of firms as well as the Association of British Insurers, the Investment Association, the The Tax Incentivised Savings Association, the Wealth Management Association, and the UK Platform Group.