Euan Munro has been appointed chief executive officer of Newton Investment Management and is set to take up the helm this summer.
Newton announced today (January 6) Mr Munro will take up his new role on June 23 and will report to Hanneke Smits, chief executive officer of parent company BNY Mellon Investment Management.
Mr Munro joins Newton from Aviva Investors where he was chief executive officer and a member of the global executive committee for seven years.
The top spot at Aviva Investors will be filled by Mark Versey, the chief investments officer of real assets at the fund house.
Prior to this, Mr Munro was head of global multi-asset and fixed interest investing at Standard Life Investments.
He has also served on the Investment Association's board since 2017.
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.
“I am confident Euan can steady the ship given the work he did both at Standard Life Investments and Aviva Investors, and 2021 will mark the start of a better era for the company.”
Andrew Downs will continue as Newton’s interim CEO until Mr Munro joins the company.
Following this, Mr Downs will resume his role as chief operating officer.
Mr Downs assumed the role of interim CEO in August when Ms Smits began her transition to CEO of BNY Mellon Investment Management.
Ms Smits said: “Euan is an exceptional leader with a proven track record in the investment industry and we are delighted that he will be joining Newton as its chief executive officer.
“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.”
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