UK – Morley Fund Management has named Katherine Garrett-Cox to succeed chief investment officer Gerry Holtham.

Morley said Garrett-Cox would take over from Holtham when he retires next year. She was most recently CIO at rival Aberdeen Asset Management and will join Morley early in 2004.

Aberdeen said Garrett-Cox would be replaced by Anne Richards, the former joint managing director at Edinburgh Fund Managers, which Aberdeen bought in September for 36 million pounds (51.8 million euros). Richards will join Aberdeen's executive committee and head its investment committee.

At the time of the acquisition, Aberdeen said that Richards and her co-chief Rod MacRae would be offered senior management roles in the enlarged group.

Aberdeen also named chief operating officer Andrew Laing as a director of Aberdeen Asset Management. It said the appointment was a result of the greater demands of the Edinburgh acquisition.

Aberdeen’s chief executive Martin Gilbert said: “'I am delighted to have secured Anne's services in this critically important role. She performed her role at Edinburgh Fund Managers well in often difficult circumstances, and has gained respect from the investment community in doing so.”

“At the same time, I am personally sad to see Katherine go, although I fully respect her decision.”

Morley said Garrett-Cox would join the company’s board. She said: “I believe that Morley possesses both the vision and focus required to become a truly world class fund management group and I welcome the opportunity to contribute to this exciting challenge."

Morley is part of financial group Aviva and has more than 100 billion pounds under management.