Aviva Investors top boss Euan Munro is to depart the business after seven years handing the reins to real assets CIO Mark Versey.
Munro (pictured) was appointed CEO of the fund group in 2014 after leaving Standard Life Investments where he spent the better part of two decades of his career as head of fixed interest and multi-asset investment.
Known as the original architect of SLI’s once mega Global Absolute Return Strategies fund, Munro helped Aviva Investors develop its own rival target return range (Aims) upon joining and had continued to serve as a strategic adviser on the portfolios.
Aviva Investors confirmed Munro would be taking up a role outside the firm and would be replaced by the current CIO of Aviva Investors’ real asset business Versey. It did not state where Munro would be going.
Versey, who has been with Aviva Investors since 2014, will join Aviva’s group executive committee, reporting to Aviva Group CEO Amanda Blanc. He will assume his new role with immediate effect.
Blanc described Versey as “the leader that Aviva Investors needs to take it forward”.
Under his watch Aviva Investor’s real asset arm has ballooned into a £47bn business spanning infrastructure, real estate and private debt markets. He currently sits on the investment committee of the Investment Association and also chairs its sustainability and responsible investment committee.
“Aviva Investors is a core part of Aviva and its investment capabilities are critical to our ambition to be the UK’s leading insurer,” Blanc said.
“I have been impressed with Mark’s determination to strengthen Aviva Investors, deliver excellent investment performance and extend our leadership in responsible investing.”
She added: “I would like to thank Euan Munro for his leadership of Aviva Investors over the past seven years. He leaves with our best wishes for the next stage of his career.”
Prior to joining Aviva Investors, Versey was CIO at Friends Life Group and CIO of Axa UK. He is also a fellow of the Institute of Actuaries.
Versey said he was looking forward to spearheading Aviva Investors next phase of growth, and singled out responsible investment as a top priority.
“My overriding priority will be to provide our customers with strong and consistent investment performance to deliver the outcomes they are looking for, including meeting net zero emission targets through sustainable investments,” Versey said.
“We have a significant opportunity at Aviva Investors to grow the business organically and help Aviva meet its ambitions in the UK.”
