Standard Life Investors’ head of equities walks days after mega merger

The head of equities at Standard Life Investors has left the firm to “pursue other interests” in the same week that it announced its £11 billion merger with Aberdeen Asset Management.

David Cumming’s announcement ends 18 years at the Edinburgh-based global investment firm.

SLI’s current head of European equities, Stan Pearson, has taken on Mr Cumming’s duties in the role of acting head of equities, while Andrew Millington, director of equity research is now acting head of UK equities.

Both will continue to manage their respective retail and institutional funds.

Rod Paris, chief investment officer, Standard Life Investments, 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.”

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 Paris added: “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.”

Earlier this week Standard Life and Aberdeen announced an £11 billion merger deal which is set to create the biggest active management group in the UK and the second largest in Europe with £660bn of assets under management.

The announcement sparked fears of job losses, with the two companies targeting £200million in annual cost savings after three years.

Chief executive of Aberdeen Asset Management, Martin Gilbert, said the cuts were likely to fall where there was duplification.