Scottish Widows Investment Partnership has appointed Chris Phillips, chief executive at Royal London Asset Management, as successor to Bill Main who retires later this year.
Phillips will take over from chief executive Main in December after three years with RLAM, where he helped build the business through the integration of the investment arms of United Assurance and Scottish Life. He also oversaw the acquisition of Union Fund Management and the creation of Royal London Private Equity.
Phillips will have the task of bringing stability to Swip, which has suffered a string of high-profile losses, including chief investment officer Sandy Nairn and head of retail funds Graham Campbell. He will be replaced at RLAM by Andrew Carter, the chief investment officer, who will also continue as CIO.
Phillips says: “Bill and the team have achieved a great deal. With the support of Lloyds TSB and the Widows Group, I am confident that we can build on those achievements.”
Group chief executive Mike Ross says: “I am delighted that we are appointing Chris as chief executive at a very exciting stage of Swip's development. His experience will contribute significantly to Swip's continued success.”