Just days after the news that Euan Munro was leaving Aviva Investors after being at the helm for seven years, news of his appointment as CEO of Newton Investment Management has surfaced.

The move is subject to approval by the Financial Conduct Authority but all going well he will join the subsidiary of US powerhouse BNY Mellon on June 23, reporting to Hanneke Smits, CEO of BNY Mellon Investment Management.

Mr Munro was the architect of Standard Life’s Global Absolute Return Strategy (GARS) which at one point was a hugely successful product, amassing billions in assets under management. He took a similar strategy to Aviva Investors which according to a spokesperson from Newton, led to the firm ‘transforming’ into a leading UK asset manager, growing its AUM ‘significantly’.

Hanneke Smits said in a statement: “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.”

Mr Munro (pictured), added “This is an exciting time to be joining Newton – a global asset manager full of talented people, high quality investment solutions and an incredibly strong heritage in responsible investment. I’m looking forward to building upon this strong foundation and continuing to enhance Newton’s investment offering to help clients achieve their goals.”

Andrew Downs will continue as Newton’s interim CEO until Mr Munro joins the company and receives approval from the FCA. Following this, Mr Downs  will resume his role as chief operating officer of Newton