Standard Life Wealth Picks John Hair as CIO

Standard Life Wealth has named John Hair as chief investment officer, a promotion from his former role as head of investments at the U.K. outsourced-CIO business.

Julie-Ann Ashcroft, the firm’s senior portfolio manager, has been promoted to fill Hair’s previous position alongside Darren Ripton, according to a statement Thursday from the firm. Both Hair and Ashcroft joined Standard Life Wealth in 2013 when it acquired London-based Newton Investment Management’s private client business.

Standard Life Wealth, which manages about £6.7 billion ($8.7 billion) in discretionary assets for private clients, charities, trust companies, and pension funds, has been seeking to expand since it was created in 2008. The firm said in October that it hired Shona Sklaroff’s as head of business management and strategy, and in April 2016 it added Gair Brisbane as a senior client portfolio manager.

As CIO, Hair will be responsible for the performance of Standard Life Wealth’s assets, while continuing to manage money for charities, private clients, trusts and pensions, according to the firm’s statement Thursday. A spokesperson said the CIO position was newly created for him.

The OCIO firm’s parent company, Edinburgh-based insurer Standard Life, announced in March plans to merge with Abderdeen Asset Management to create a £581 billion firm.