Standard Life Investments (SLI) has hired bond manager Mark Munro from Scottish Widows Investment Partnership (Swip), Investment Adviser can reveal.
Mr Munro has been reunited with Daniel McKernan, SLI’s head of sterling investment grade credit, with whom he worked at Swip before Mr McKernan joined SLI in September 2013.
A spokesperson for SLI said Mr Munro had been appointed as an investment director on the firm’s credit team. He will work across a range of SLI’s retail funds, including the Strategic Bond fund, Corporate Bond fund, the Ethical Corporate Bond fund and institutional funds, as well as doing individual bond selection. He is not currently a named manager on any of SLI’s retail funds.
At Swip, Mr Munro managed the £1.5bn Swip Corporate Bond Plus and the £105m Swip European Corporate Bond funds. Those funds were handed over to Luke Hickmore and Roger Webb on Mr Munro’s departure on November 8 2013.
Mr Munro had been with Swip for seven years, having joined as part of its graduate scheme in 2006.
The deal to sell Swip to Aberdeen Asset Management is set to be completed later this quarter and experts expect there to be further job losses from Swip, among sales staff and fund managers.