Aberdeen Asset Management Australia chief executive Charlie Macrae will step down as chief, leaving Bill Bovingdon at the helm.
Macrae leaves his Australian post to take up a newly-created job with Aberdeen’s UK-based collective funds team.
Bovingdon will assume his new responsibilities on March 31. He will also continue on as the group’s Australian fixed income chief.
The move is in line with Aberdeen’s management structure in other countries, where country heads have joint investment and management responsibility.
After seven years as Australian head, Macrae has left the business well positioned to meet the equity, fixed income or property investment needs of clients, Bovingdon said.
Macrae played a crucial part in the integration of Deutsche Bank AG’s Australian fixed income and equity businesses in June last year.
The acquisitions boosted Aberdeen Australia’s total assets under management to more than $14 billion.
Bovingdon intends to give additional responsibilities managing the local business to Aberdeen executives and to hire a business manager to work with him non-investment activities.
“Many clients know Bill well and are pleased with his promotion and the opportunities it provides for others in the team,” an Aberdeen spokeswoman said.
International asset management group Aberdeen Asset Management has $233 billion in assets under management for clients globally.
