The appointment is subject to Financial Conduct Authority approval.

Mr Munro will join Newton in June and will report to Hanneke Smits, CEO of BNY Mellon Investment Management.

Earlier this week Aviva appointed insider Mark Versey as the new chief executive of its Aviva Investors division.

Prior to Aviva Investors Mr Munro was head of global multi-asset and fixed interest investing at Standard Life Investments. He joined SLI as an inflation-linked fund manager from Scottish Provident in 1995 and is a Fellow of the Faculty and Institute of Actuaries.

Euan Munro, chief executive officer designate of Newton, said: "This is an exciting time to be joining Newton – a global asset manager full of talented people, high quality investment solutions and an incredibly strong heritage in responsible investment. I'm looking forward to building upon this strong foundation and continuing to enhance Newton's investment offering to help clients achieve their goals."

Hanneke Smits, chief executive officer of BNY Mellon Investment Management, said: "Euan is an exceptional leader with a proven track record in the investment industry and we are delighted that he will be joining Newton as its chief executive officer. His investment credentials and extensive experience leading one of the UK's larger asset managers with a presence in the institutional, intermediary and retail markets, are highly relevant to Newton and we look forward to warmly welcoming him soon."

Andrew Downs will continue as Newton's interim CEO until Mr Munro joins the company. Following this, he will resume his role as chief operating officer of Newton.

Mr Downs took on the role interim CEO of Newton in August when Ms Smits began her transition to CEO of BNY Mellon Investment Management.

Newton Investment Management is a London-based fund manager with £44bn in assets under management.