Aviva appoints Euan Munro as CEO of Aviva Investors

Euan joins Aviva from Standard Life Investments, where he was Global Head of Multi-Asset Investing and Fixed Income and a member of Standard Life Investments’ board and Standard Life plc’s executive leadership team.

During his time at Standard Life, Euan was responsible for the management of the assets of Standard Life Assurance Company and of Standard Life Investments’ fixed income and multi-asset investment funds. Euan also established and developed Standard Life Investments’ flagship fund, Global Absolute Return Strategy (GARS), which is one of the most successful and best performing multi-asset funds globally.

Mark Wilson, Group Chief Executive Officer of Aviva plc, 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 Investors.

“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 the group.”

Euan Munro said: “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 investment talent. 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.”

The appointment is subject to regulatory approval. Euan Munro will succeed John Misselbrook, interim CEO of Aviva Investors.

Aviva Investors has £274 billion assets under management (at 31 December 2012) and focuses on core areas of strength in Fixed Income, Real Estate and Multi-Asset funds. Aviva Investors’ core investment proposition is to deliver income across the market cycle and manage asset classes consistent with this approach.


Enquiries:

Media

Nigel Prideaux                                                                        +44 (0)20 7662 0215
Andrew Reid                                                                           +44 (0)20 7662 3131
Angela Warburton (Aviva Investors)                                      +44 (0)20 7809 8618

Analysts

Colin Simpson                                                                         +44 (0)20 7662 8115
David Elliot                                                                              +44 (0)20 7662 8048

Notes to editors:

• Since 2008 Euan Munro has been Global Head of Multi-Asset Investing and Fixed Income at Standard Life Investments (SLI). He is a member of SLI’s board, Chair of SLI’s Strategic Investment Group and responsible for managing almost $200 billion of client funds. Euan established and developed the flagship fund, Global Absolute Return Strategy, which since its launch in 2006 has returned approximately 50% for investors and is the best performing multi-asset strategy over the past three years (according to CAMRADATA). Prior to this Euan was Head of Group Funds, where he was responsible for the management of all of the assets of the Standard Life Assurance Company.
• Before joining Standard Life Investments in 1995, Euan was an investment manager at Scottish Provident. He is a graduate of Edinburgh University and Herriot-Watt University and is a Fellow of the Institute of Actuaries.
• Aviva Investors is the asset management business of Aviva plc. The business delivers investment management solutions to clients worldwide. Aviva Investors operates in 15 countries in Asia Pacific, Europe, North America and the United Kingdom with assets under management of £274 billion at 31 December 2012.
• In 2012 Aviva Investors’ operating profit on a continuing basis (which excludes the contribution from Aviva Investors in the USA) was £42 million (2011: £53 million). Investment performance was ahead of target on both benchmark and peer group measures. We maintained or improved client satisfaction, meeting or exceeding our targets on all client surveys in 2012.
• Aviva provides 34 million customers with insurance, savings and investment products.
• We are the UK’s largest insurer and one of Europe’s leading providers of life and general insurance.
• We combine strong life insurance, general insurance and asset management businesses under one powerful brand.
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