Mr Versey will replace Euan Munro who is leaving for a new role outside the group after seven years as CEO.

Mr Versey is currently chief investments officer, real assets, at Aviva Investors. He will take up his new CEO role with immediate effect.

In his new role he joins the Aviva group executive committee and will report to new Aviva group CEO Amanda Blanc.

Mr Versey joined Aviva Investors in 2014 and has helped build the £47 billion real assets business which includes infrastructure, real estate and private debt markets.

He is a member of the Investment Committee of the Investment Association and chairs its Sustainability and Responsible Investment Committee. He was previously chief investment officer at Friends Life Group and chief investment Officer of AXA UK. He is a Fellow of the Institute of Actuaries.

Aviva Investors had assets under management of £355bn at end of June 2020.

Amanda Blanc, Aviva group CEO, said: “Mark is the leader that Aviva Investors needs to take it forward. Aviva Investors is a core part of Aviva and its investment capabilities are critical to our ambition to be the UK’s leading insurer.

“I have been impressed with Mark’s determination to strengthen Aviva Investors, deliver excellent investment performance and extend our leadership in responsible investing.

“I would like to thank Euan Munro for his leadership of Aviva Investors over the past seven years. He leaves with our best wishes for the next stage of his career.”

Mr Versey said: “I am delighted to have the opportunity to lead Aviva Investors through its next phase of growth.

“The business has strong capabilities in fixed income, credit, equities, multi-asset and real assets, as well as being a leader in responsible investment.

“My overriding priority will be to provide our customers with strong and consistent investment performance to deliver the outcomes they are looking for, including meeting net zero emission targets through sustainable investments.”