David Cumming to leave Standard Life Investments

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Standard Life Investments (SLI) has announced that head of equities David Cumming has decided to leave the firm to “pursue other interests”.

The surprise move comes just days after Edinburgh-based SLI’s parent agreed the terms of an £11 billion merger with Aberdeen Asset Management (AAM).

David Cumming joined Standard Life Investments in 1998. Picture: Contributed

David Cumming joined Standard Life Investments in 1998. Picture: Contributed

READ MORE: What we know about the Standard Life/AAM merger so far

Stan Pearson, currently head of European equities, will become SLI’s acting head of equities, while Andrew Millington, director of equity research, becomes acting head of UK equities.

Rod Paris, chief investment officer at SLI, 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 support and contribution to the business over the many years we have worked together, and wish him the very best.”

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Cumming began his career with Royal London Mutual before holding positions with Edinburgh Fund Managers, Manufacturers Life Insurance and Morgan Grenfell.

He joined SLI in 1998 as investment director, becoming head of UK equities two years later. He was appointed to the fund manager’s board in 2004.

The tie-up between Standard Life and AAM, expected to complete in the third quarter of this year subject to regulatory and shareholder approval, will create one of the world’s industry powerhouses, overseeing £660 billion worth of global assets.

However, it is thought that several hundred jobs are at risk in Scotland and in the City of London after the duo pointed to cost savings that could add up to £200 million within three years.

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