UK – Scottish Widows Investment Partnership, or SWIP, has appointed Chris Phillips as chief executive.

Phillips replaces Bill Main who will retire at the end of the year on his 60th birthday. Main has been with SWIP for ten years.

Prior to joining SWIP, Phillip served a three-year tenure as chief executive officer of Royal London Asset Management. RLAM said that Phillips would be replaced by current chief investment officer Andy Carter, who will combine the CEO and CIO roles. Carter joined RLAM from Gartmore in September 2001.

At RLAM Phillips had been interested in spinning off the asset management arm – a move that was blocked by RLAM’s mutual status. It may be that the challenge of doing something similar at SWIP attracted him to the post. SWIP is the core asset manager within the Lloyds TSB Group.

Commenting on his move, Phillips said: “Bill Main and the team have achieved a great deal. With the strong support of Lloyds TSB and the Scottish Widows Group, I am confident we can build on those achievements.”

SWIP has 73 billion pounds (104 billion euros) in funds under management.

RLAM has 22 billion pounds (31.5 billion euros) under management and is wholly owned by the Royal London Mutual Insurance Society Limited.

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