Newton Investment Management has appointed Euan Munro as its chief executive.
He will join on 23 June, reporting to Hanneke Smits, chief executive of parent company BNY Mellon Investment Management.
Munro’s investment career spans three decades. Most recently, he was chief executive of Aviva Investors and a member of the global executive committee for seven years.
Under Munro’s leadership, Aviva Investors became a leading UK asset manager with total assets under management growing significantly.
Current chief investment officer Mark Versey will replace Munro at Aviva Investors with immediate effect.
Prior to Aviva Investors, he was head of global multi-asset and fixed interest investing at Standard Life Investments (SLI) and a member of the board.
Munro joined SLI as an inflation linked fund manager from Scottish Provident in 1995.
He has an undergraduate degree in physics and electronics from the University of Edinburgh and a postgraduate diploma in actuarial sciences from Heriot-Watt University.
Smits said: “His investment credentials and extensive experience leading one of the UK’s larger asset managers with a presence in the institutional, intermediary and retail markets, are highly relevant to Newton and we look forward to warmly welcoming him soon.”
Munro added: “This is an exciting time to be joining Newton – a global asset manager full of talented people, high quality investment solutions and an incredibly strong heritage in responsible investment.
Andrew Downs will continue as Newton’s interim chief executive until Munro joins the company and receives approval from the regulator.
Following this, Downs will resume his role as chief operating officer of Newton.
He assumed the role of interim chief executive of Newton last August, when Smits began her transition to chief executive of BNY Mellon Investment Management.
Commenting on the move, Darius McDermott, managing director of Chelsea Financial Services, said: “This is a big appointment for Newton – the asset manager has rather lost its way in recent years, and although it has improved its distribution and client services in the past 12 months, it has also lost a number of key fund managers.”