Schroders and M&G are to exit the Investment Association (IA).
Wealth Manager understands both Schroders and M&G have signalled their intent to the trade body not to renew their membership next year.
IA chief executive Daniel Godfrey (pictured) has expressed his disappointment at the news.
'It would be incredibly disappointing to lose any member and we will do everything we can to convince anyone who is considering leaving to stay,' said Godfrey.
He added: 'Our very pro-active strategy to help a great investment management industry make investment even better can be uncomfortable at times.
'But it is not only the right thing to do given the responsibility of managing other people’s money as their agents, it is essential in the post Global Financial Crisis-world if we are to maintain the right to have influence over our future regulatory and legislative environment.'
Both Schroders and M&G were absent from the list of asset managers who signed up to the IA's statement of principles in August. Twenty five fund houses signed up to the 10-point statement of principles designed as declaration of putting clients first.
The IA recently restructured with seven new members joining - including BlackRock head of Emea retail Alex Hoctor-Duncan and Old Mutual Wealth chief executive Paul Feeney.