Legal and General has appointed a new CEO of asset management in a bid to grow the arm.
Today (September 24) the firm announced Eric Adler would join the asset manager in December, subject to regulatory approval.
He joins from PGIM, the asset manager of Prudential Financial, where he is president and chief executive of its private alternatives business.
The appointment follows the group's announcement that it would bring together its public and private markets businesses as a unified global asset manager, at its Capital Markets Event in June.
The group, which has over £1.1tn assets under management, is targeting asset management operating profits of £500-600mn by 2028, alongside growing its private markets platform from £52bn to £85bn.
Adler said: "I am looking forward to maximising the role of asset management in driving the group's ambitions, achieving profitable growth and mobilising the power of investment to drive economic opportunity and positive social impact.
"Bringing together scale, global distribution, and expertise across public and private markets and asset classes, L&G is well placed to address the full breadth of client needs, including the increasing demand for responsible, blended investment solutions."
In June it was announced Michelle Scrimgeour, CEO of LGIM, will step down from her role and leave the business after a handover period.
It came as part of a restructure of the business including a redesign of the asset management department with a merger of LGIM and Legal and General Capital.
António Simões, L&G's group chief executive, said L&G Asset Management is the "cornerstone" of its growth strategy.
He said: "In a competitive global search, Eric stood out for his growth orientation - bringing a track record of building businesses alongside broad investment expertise, deep international experience, and a strong client focus.
"Eric will join an excellent team that is showing great momentum, and I am confident that this will continue to accelerate under his leadership.
"I'd like to thank Michelle Scrimgeour for driving our asset management strategy and execution over the last five years, establishing the strong foundations and reputation we will now build on in our next phase of growth."
tara.o'connor@ft.com
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