UK - Scottish Widows Investment Partnership (SWIP), the £102bn (€155bn) asset manager of Lloyds TSB, is in the hunt for a new chief executive officer.

The search will look both internally and externally, a spokeswoman confirmed to IPE.

Chris Phillips, currently head of SWIP, has announced that he will join Morley Fund Management as chief executive officer in the summer.

Phillips, who had been with SWIP for the last three years, replaces Keith Jones at Morley who stepped down unexpectedly last September after seven years.

Last week Richard Harvey, chief executive officer at Morley's parent, Aviva, announced that he would step down in July. to be replaced by Andrew Moss, current group finance director.

Morley Fund Management, with £162bn (€245.9bn) in assets under management, has recently re-structured parts of its equity team.

At the end of last year Martin Cawthorne, Lloyd Whitworth, David Shapiro, Colin Pratt and Penny Kyle left. Under the new head of the equities division, Niall Paul, several new people have been hired, among them Rita Dhug, head of the equities value team, and David Lis, head of the UK equities team.

Recently Simon Jaffe joined the Morley value team from F&C and Mark Artherton was recruited from Landsdowne Partners for the emerging markets team. The company is currently looking for a head of European equities.

"I have enjoyed my time at SWIP and I am proud of what we have achieved there over the past three years," Phillips commented. "Morley represents an exciting next step in my career. Morley rightfully occupies a leading place in the UK investment scene, has a growing presence in Europe and access to powerful distribution channels."