Standard Life chief executive David Nish to step down

Standard Life recently completed its purchase of a rival, Ignis Asset Management, for £390m

The chief executive Standard Life is to stand down after six years at the helm of the Edinburgh-based insurance giant.

David Nish is to leave his post on 5 August, and will be replaced by Keith Skeoch, currently head of Standard Life Investments.

Mr Skeoch, who joined the firm in 1999 from financial services rival James Capel, has been on Standard Life's board since 2006.

The insurer holds £258bn under management, and employs 6,500 staff.

Over the last year it has bought Ignis Asset Management for £390m and sold its Canadian companies for £2.2bn to Toronto-based rival Manulife Financial, as it focuses on other businesses.

The firm said talks over succession planning among senior management had been ongoing over several months.

Mr Nish said it was "the right time to pass the baton".

Chairman Sir Gerry Grimstone said Mr Skeoch has "been an integral member of Standard Life's senior team over the last 11 years".

He added: "Under Keith's leadership the asset management part of our group has developed into a leading global player."