UK – Sandy Crombie, the chief executive of Standard Life Investments, has taken over as chief executive of parent company Standard Life.
The company, which also announced a “strategic review” which may lead to a change in its mutually-owned status, said Crombie has taken over as group chief executive from 36-year veteran Iain Lumsden “with immediate effect”.
A spokesman said Crombie, who has been CEO of the investment operation since it was formed in 1998, would remain head of the unit.
“Under his leadership, SLI has seen a three-fold increase in its third party assets under management and an increase in total funds under management from 61.1 billion pounds to 86.5 billion pounds during a period of mainly falling stock markets,” Standard Life said in a statement.
Standard Life chairman Sir Brian Stewart said: “The board accepted Iain’s view that he would not have been able to see the strategic review through to implementation because of his planned retirement date.”
Standard Life said it had concluded “constructive discussions” with the Financial Services Authority regulator. It added it would seek 750 million pounds of new capital.
The review would take place “in the light of changes in industry and regulatory environment”.
The company has been in talks with the FSA since December about “arriving at an agreed method for the application of the new realistic approach to reporting its financial position”.
“Standard Life is committed to remaining financially strong in order to be able to provide superior returns to policyholders and provide maximum flexibility for developing the business.”
The FSA said it welcomed the steps being taken by the company to strengthen its capital position.