July 19 (Bloomberg) -- Aviva Investors, a U.K. money manager with more than $410 billion of assets, hired Euan Munro as its chief executive officer, taking him from competitor Standard Life Investments where he set up its flagship fund.
Munro, 43, will take the post in January, succeeding interim CEO John Misselbrook, parent life insurer Aviva Plc said in a statement on its website today. Edinburgh-based Standard Life Investments said in a statement it promoted Guy Stern to head of multi-asset investing to replace Munro.
In his post at the largest fund company in the Scottish capital, Munro helped set up and develop its Global Absolute Return Strategies Fund, which invests in a mix of equities, fixed income and property and has swelled to 17.8 billion pounds ($27.1 billion), Standard Life’s website shows.
“He’s potentially a very good catch for Aviva,” said Adrian Lowcock, a senior research analyst at financial adviser Hargreaves Lansdown Plc. “He is a well-known name among advisers. It is a significant appointment.”
Aviva shares were down 0.3 percent in London trading at 3:54 p.m., while Standard Life Plc dropped 1.7 percent. London-based Aviva Investors oversaw 274 billion pounds as of Dec. 31, while Standard Life Investments ran 179 billion pounds as of March 31, according to filings.
The appointment was “positive” for Aviva in its quest to develop a business managing money for outside clients, while it was “a small loss” for Standard Life because Munro “has been material in building the multi-asset investing and fixed income platform,” Ashik Musaddi, a London-based analyst at JPMorgan Chase & Co., said in a note to clients.
Munro wasn’t reachable for comment when called at his office in Edinburgh.
To contact the editor responsible for this story: Douglas Lytle at email@example.com