UK - Chris Phillips, who recently announced his departure as chief executive of Scottish Widows Investment Partnership to join Morley Fund Management, has died during a holiday in Spain aged 50 (Updates with further information).

Phillips died while walking the Pilgrim's route to Santiago de Compostella in northern Spain and poor mountain weather was a factor in his death, although the incident is being investigated by the Spanish authorities, SWIP said in a release today.

Fiona Baker, head of corporate communications at Morley, said: "Everyone at Morley is shocked and saddened by the terrible news of the death of Chris Phillips. Our thoughts, prayers and sincerest sympathies are with his wife, family and friends at this tragic time. The Board will be considering necessary next steps in due course."

Phillips announced his departure from SWIP in January. He was due to take up his new position this summer, taking over from Keith Jones who left late last year.

Phillips became CEO at SWIP in 2003. Before that he was CEO at Royal London Asset Management. He began his investment career at Morgan Grenfell in 1983 having graduated from St Catherine's College, Oxford, in Philosophy, Politics and Economics in 1977. He was chairman of the Association of British Insurers' investment committee.

"Chris was hugely respected across the industry and deeply liked by all his colleagues," Scottish Widows' chief executive Archie Kane said.

"He played a significant part in re-establishing SWIP as a leading player in the competitive asset management sector and he will be greatly missed by all who knew him."

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