Standard Life has announced the departure of its head of equities David Cumming just days after the firm’s £11billion merger with Aberdeen Asset Management (AAM) was confirmed.
In a brief statement issued yesterday, the Edinburgh-based company said Mr Cumming had chosen to leave after 18 years to “pursue other interests.”
The firm said its head of European equities Stan Pearson had taken on the role of acting head of equities and director of equity research Andrew Millington was now acting head of UK equities.
It added that both would “continue to manage their respective retail and institutional funds,” following the appointments.
Mr Cumming started his career with Royal London Mutual and went on to work with a number of businesses, including Edinburgh Fund Managers, which was acquired by AAM in 2003.
He joined Standard Life from Morgan Grenfell in 1989 as investment director responsible for corporate pooled pension funds, the firm’s UK equity portfolio and a number of segregated clients. He was promoted to head of UK equities in March 2000 and joined Standard Life’s board as an executive director in June 2004.
Mr Pearson has been with Standard life for 10 years, while Mr Millington joined the company nine years ago.
Yesterday Rod Paris, Standard Life’s chief investment officer, said: “I wish Stan and Andrew every success in their interim positions – making these internal appointments demonstrates the depth of talent we have within the 73-strong equities team.
“I would also like to thank David for his contribution to the business over the many years we have worked together, and wish him the very best.”
On Monday Standard Life agreed to merge with AAM in a deal that will create the UK’s largest fund manager, with £660bn assets under management.
The announcement sparked fears of job losses, with the two companies targeting £200million in annual cost savings after three years.
Another departure announced yesterday will see the chief executive of industry body Scottish Renewables Niall Stuart step down in August after nearly nine years.
Mr Stuart plans to set up a communications, policy development and regulatory affairs consultancy.
Scottish Renewables chairman Patricia Hawthorn said he had led the staff team during an “incredibly important time” for the sector.
It has also been announced that Jayne-Anne Gadhia, chief executive of Virgin Money, has stepped down as chair of the Business in the Community Scotland organisation.
The post is being taken by Mike Still, who holds the role of Prince’s Ambassador for Responsible Business in Scotland.