By Joy Dunbar
Euan Munro (pictured), fund manager of the flagship Global
Absolute Return Strategies or GARS, has left Standard Life
Investments to become chief executive of Aviva Investors in
He was director in charge of multi-asset
investing and fixed-income.
Munro established and developed GARS, which is one of the most
successful and best performing multi-asset funds globally, and
the largest alternative UCITS in the Absolute UCITS
GARS, which also won an Absolute UCITS Award in 2012, has
assets under management of $27.08 billion in May 2013.
The portfolio, which started life as an internal pension fund
for the Edinburgh-based insurer Standard Life in 2005, has
gained enormous global popularity with large and small
investors including California Public Employees Retirement
Mark Wilson, group chief executive officer of Aviva, said:
"This is an important appointment for Aviva.
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
"There is significant scope to improve the profitability of
Aviva Investors, a core part of the group. Euan will play a
pivotal role helping Aviva Investors capitalise on its
expertise managing Aviva’s own funds, become a
stronger third party manager and increase its contribution to
Munro added: "I am joining Aviva because I see a clear
opportunity to unlock the potential of Aviva Investors, a well
established business with impressive scale and significant
"Aviva Investors’ proven investment capability
means that it is well placed to meet the growing demands from
the institutional market for income with low volatility."
Guy Stern takes over from Munro and has been appointed to the
board of firm as head of multi-asset and macro investing.
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