Parnaby, who said he plans to “seek new opportunities”, has been replaced by Alan Armitage who has been responsible for developing the company’s Asia and emerging markets retail investment and savings business.
As CEO, Armitage will report to Sandy Begbie who has assumed group executive responsibility for the Asia and emerging markets business unit.
Parnaby’s tenure as CEO for Asia and emerging markets was relatively short, having only been elected to the post in June last year.
During the last 12 months, Standard Life has been giving greater attention to the Asian and emerging markets portion of its business, opening an office in Singapore in October last year, with former Zurich director Neal Armstrong as CEO, as well as an office in the Dubai International Finance Centre the following month, its first in the Middle East.
Standard Life said in order to support growth in the Asia and EM business unit, it plans to “transition some of the key functions to a regional hub in Hong Kong”, thus moving its resources closer to regional offices and customers. A spokesperson said there are currently around 65 jobs in the UK in roles such as business development, marketing and HR which will be moved, over time, to Hong Kong.
The company also announced two further structural changes to the business, which follow changes it made last June. Its joint venture businesses, Heng An Standard Life Insurance Company in China and HDFC SL in India, will now be part of the strategic investments business unit and will “sit” within its group central strategy team.
The Irish offshore business has also moved to become part of Standard Life’s UK and European business.
