Aberdeen Standard Investments' (ASI) multi-asset head Guy Stern is retiring. 

Stern (pictured), whose duties include leading the firm's flagship Gars strategy, will be replaced by Aymeric Forest, who joins the firm from Schroders at the start of next year to lead ASI's £140 billion multi-asset team. 

The appointment comes after Wealth Manager  revealed that Forest, who was head of multi-asset investments, Europe at Schroders and also led its volatility research premia group, had quit the firm in September after a seven-year stint. 

Forest's responsibilities included overseeing billions worth of Schroders fund assets, including the £3 billion Multi-Asset Income fund. 

Commenting on his decision to retire, Stern said in a statement: 'I have had an extremely rewarding time working for Standard Life Investments and more latterly Aberdeen Standard Investments but having worked in the industry for more than 35 years, I have decided to retire.' 

'The experience and expertise of the team that I am proud to be a part of means I am confident that they will continue to help clients achieve their long-term financial goals.' 

In addition ASI has also beefed up its focus on Gars, adding Katy Forbes, Scott Smith and David Sol as named portfolio managers on the strategy, while Neil Richardson, who oversees ASI's absolute return equity strategies, will focus exclusively on Gars.

Forest (pictured above) will assume the role of global head of multi-asset investing at ASI next February and will work closely with Stern during a handover period. 

Until this point, Stern will continue to lead the multi-asset franchise, with his team, leadership and portfolio responsibilities unchanged until this transition period starts. 

ASI co-chief Keith Skeoch said: 'As a long-standing member of our team Guy has been instrumental in growing Standard Life Investments into a market leading asset manager and, more recently, in helping us to develop and structure Aberdeen Standard Investments.

'We thank Guy for his hard work and valuable contribution to the company and wish him the very best in retirement. We are delighted that Aymeric is joining us, demonstrating our ability to attract high calibre, talented individuals to our award-winning and highly rated multi-asset investing team.' 

ASI CIO Rod Paris added: 'Aymeric has extensive experience in multi-asset investing, including absolute return portfolios and has a strong technical knowledge covering traditional and non-traditional asset classes and use of derivatives.

'He has run a number of successful multi-asset investing teams and we are confident that this expertise combined with a similar investment philosophy means that he is the right successor to Guy in leading our multi-asset investing team.'  

Stern was appointed to the role of head of multi asset and macro investing following the departure of Euan Munro to Aviva Investors in 2013. 

Munro had been global head of multi-asset investing and fixed income and was the architect of the Gars fund.

The fund has been struggling in recent years, with a latest broker forecast predicting net outflows to hit £12 billion in 2018.