He will report to Aviva group chief executive Mark Wilson and will take over from John Misselbrook who has been working as interim chief executive since June 2013.
Mr Munro joins from Standard Life Investments where he was global head of multi-asset investing and fixed income.
He also sat on the Standard Life Investment board and was part of the executive leadership team.
Mr Munro said: "I am joining Aviva because I see a clear opportunity to unlock the potential of Aviva Investors, a well-established business with impressive scale and significant investment talent.
"Aviva Investors' proven investment capability means it is well placed to meet the growing demands from the institutional market for income with low volatility."
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Mr Wilson said: "This is an important appointment for Aviva. Euan's track record in fixed income and multi-asset management, and his experience in an insurance environment, made him the outstanding candidate to lead Aviva Investors.
"There is significant scope to improve the profitability of Aviva Investors, a core part of the group. Euan will play a pivotal role helping Aviva Investors capitalise on its expertise managing Aviva's own funds, become a stronger third party manager and increase its contribution to the group."
The appointment is subject to regulatory approval.

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