Aviva Investors has hired Euan Munro, who developed the Global Absolute Return Strategies (GARS) fund for Standard Life Investments, as its new chief executive.
Munro will take up his position in January 2014, succeeding John Misselbrook, who has served as interim chief executive since Paul Abberley moved to a different role within the company.
Munro's job at Standard Life Investments was global head of multi-asset investing and fixed income. In 2005, he led the development of the GARS fund, which was initially a solution for the company's in-house pension scheme. The GARS fund grew into one of the most successful multi-asset funds on the market, and accounted for roughly half Standard Life Investments' inflows in the first six months of the year.
“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,” says Mark Wilson, group chief executive officer, Aviva.
Aviva Investors and Standard Life Investments are both owned by insurance companies. Aviva Investors had £274 billion (€318 billion) under management at the end of 2012.
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