LONDON: British insurer Aviva has appointed Euan Munro, formerly of Standard Life Investments, as chief executive of its global asset management business, Aviva Investors, it said.
Munro will take up the role in January 2014, taking over from John Misselbrook, who is leading the business temporarily while it deals with a shake-up intended to streamline the company and boost profit.
The Scotsman resigned as head of multi-asset investing and fixed income at Standard Life Investments, where he oversaw its flagship Global Absolute Return Strategy fund.
Guy Stern, who currently runs Standard Life Investments’ multi-asset investing team, will replace Munro, the company said in a statement.
Aviva has been undergoing an overhaul to replace its four-part regional management structure with a new dual structure based around developed and higher-growth markets.
It was among nine insurers named by the G20’s Financial Stability Board that will have to hold more capital from 2019 to cover risks they pose to the financial system should they go bust.
Aviva Investors manages 274 billion pounds ($416 billion) in assets.
Munro named CEO of Aviva Investors
