Standard Life, which is set to float in 2006, has turned to an insider to lead its investment arm, after a five-month search failed to find a suitable outside candidate.

Keith Skeoch, previously chief investment officer, was made acting chief executive of Standard Life Investments following the promotion of Sandy Crombie to group chief executive in March. That move was prompted by strategic review at Standard Life which concluded that Europe's largest mutual life insurer must demutualise and take a stockmarket listing. Iain Lumsden, group chief executive who had fought off previous demutualisation threats, stepped down.