Standard Life has announced the departure of one its highest profile fund managers just days after it revealed an £11bn tie-up with Aberdeen Asset Management.
The Edinburgh-based fund manager provided little detail about why David Cumming, head of equities, was leaving or the timing of his departure after 18 years.
Standard Life said Cumming had “chosen to leave Standard Life Investments to pursue other interests”.
Cumming’s departure was announced 48 hours after Standard Life and Aberdeen announced plans to create a business with £660bn under-management which would make it the biggest fund manager in the UK and one of the largest in Europe.
Rod Paris, the chief investment officer of Standard Life, who is to retain that position in the enlarged company, said: “I would also like to thank David for his support and contribution to the business over the many years we have worked together, and wish him the very best.”
Temporary replacements for Cumming were announced. Stan Pearson, head of European equities, is becoming acting head of equities while Andrew Millington, director of equity research, becomes acting head of UK equities.
When the merger was announced on Monday, it was revealed that lock-in deals would be offered to try to stop top staff defecting – even though other jobs were expected to be cut as the enlarged group attempted to save £200m in costs a year.
Martin Gilbert, who runs Aberdeen and is to be co-chief executive of the enlaraged operation, had told analysts that schemes were being implemented to retain staff.
He and Keith Skeoch, his counterpart at Standard Life, also faced questions over their decision to run the business together. Skeoch said the two men liked each other – they have known each other for 30 years and go fishing together – and had easily reached agreement about a number of issues during the six weeks of merger talks.
