Scotland business

Aviva Investors appoints Euan Munro as chief executive

Euan Munro
Image caption Mr Munro joined Standard Life Investments in 1995

A senior figure in Standard Life Investments (SLI) is leaving the company to head up insurance group Aviva's fund management business.

Euan Munro, who ran SLI's fixed income and multi-asset management operations and was a member of its board, has been appointed chief executive of Aviva Investors.

He will take up the role in January next year.

Mr Munro will report to Aviva group chief executive Mark Wilson.

He will take over from John Misselbrook, who is leading Aviva's asset management business temporarily while it deals with a shake-up intended to streamline the company and boost profit.

Mr Munro joined SLI in 1995 and was responsible for managing almost $200bn (£131bn) of client funds.

Standard Life shares were down by as much as 3% on Friday morning before recovering slightly.

Mr Wilson described the move as "an important appointment" for Aviva.

"Euan's track record in fixed income and multi-asset management, and his experience in an insurance environment, made him the outstanding candidate to lead Aviva Investors," he said.

"There is significant scope to improve the profitability of Aviva Investors, a core part of the group.

"Euan will play a pivotal role helping Aviva Investors capitalise on its expertise managing Aviva's own funds, become a stronger third party manager and increase its contribution to the group."

At the end of last year, Aviva Investors had £274bn worth of assets under management.

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