Standard Life chairman Sir Gerry Grimstone has heralded an “epoch of investment” as Keith Skeoch steps up from the investment division to take charge of the insurer.

The Scottish group today confirmed that its chief executive for the past five years, David Nish, would be replaced by Skeoch - who has headed up Standard Life Investments since 2004 - on August 5. Standard Life said Skeoch will continue in his role as chief executive of SLI "until a transition is effected". Grimstone declined to set out when Skeoch would be replaced, adding that the business was in a period of "realignment".