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SLI chief shrugs off fears Munro will hand Gars secrets to Aviva
by Sarah Miloudi on Aug 08, 2013 at 07:45
Munro, who last month announced his intention to exit SLI, will in January become chief executive of Aviva Investors, leaving behind the multi-billion Global Absolute Return Strategies (Gars) franchise he established in 2008.
SLI has already said it will review its staff pay and incentives following Munro's departure, which came after the exit of Richard Batty, David Millar and David Jubb, who also worked on Gars, to Invesco Perpetual.
Guy Stern will also take on more of a lead role on the behemoth fund in the wake of Munro's departure, however during a media call following Standard Life's results, Skeoch was pushed on whether bosses at SLI feared Munro would reveal the secret of Gars success to Aviva, which also reported its first-half results to investors and admitted its funds arm needed to improve.
But Skeoch insisted Munro (pictured) was moving on to head up Aviva's business, shrugging off concerns that a rival to Gars could come to market.
'No single person is bigger than the team, and it's the team the client has a relationship with,' Skeoch said.
'Our culture is built around dealing with exactly this sort of thing. I think the really important point is that Euan is going to be the CEO, to run the business. He's not going as a fund manager or CIO and I think he's got a big job ahead of him.'
SLW assets swell
Elsewhere, Standard Life Wealth saw its assets under administration (AUA) soar by 50% to £2.1 billion, up from the £1.4 billion posted over the same stretch last year.
Moreover, while at a group level Standard Life's assets climbed to £232 billion, up from £218 billion, its wealth business is looking forward to its acquisition of Newton's private client business completing during September, a move that should further strengthen its discretionary capability and take the division's assets to £3.6 billion.
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