Euan Munro will become CEO of Newton Investment Management, joining the firm in June.
Mr. Munro will replace Andrew Downs, who became interim CEO in August. He replaced Hanneke Smits, who was appointed CEO of BNY Mellon Investment Management. Mr. Downs will remain in the role until Mr. Munro joins and gains regulatory approval. He will then return to his post as chief operating officer, a news release said Wednesday.
Both Ms. Smits and Mr. Downs will work with Mr. Munro to help the transition to his new role, a spokeswoman said.
Mr. Munro is to start June 23, reporting to Ms. Smits.
"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 U.K.'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," Ms. Smits said in the release.
Newton is a subsidiary of BNY Mellon as had £44 billion ($56.6 billion) in assets under management as of Sept. 30.
Mr. Munro was CEO of the £355 billion Aviva Investors. He was replaced by Mark Versey, previously CIO of real assets at the firm.