Insurance

L&G appoints new asset management boss in drive for growth


Unlock the Editor’s Digest for free

Legal & General has appointed a chief executive for its newly created asset management division, picking a US executive with expertise in private assets in a signal of how it plans to grow Britain’s largest asset manager.

In the latest in a string of announcements under new chief António Simões, L&G said on Tuesday that it had appointed Eric Adler from US insurer Prudential Financial as its new asset management chief, subject to regulatory approval.

L&G, which has more than £1.1tn in assets under management, has combined its fund manager with its private markets business in the unit.

Eric Adler
Eric Adler previously ran the real estate unit at Prudential Financial’s fund manager and had also been head of its European business © L&G

Michelle Scrimgeour, the current chief of the asset manager, Legal & General Investment Management, will step down after a transition period.

Adler, who leads the private alternatives business at Prudential Financial’s asset manager, said he would aim to drive L&G’s ambitions for “achieving profitable growth and mobilising the power of investment to drive economic opportunity and positive social impact”.

He added: “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.”

Simões said Adler had a “track record of building businesses alongside broad investment expertise, deep international experience and a strong client focus”.

Adler previously ran the real estate unit at Prudential Financial’s fund manager, among other previous roles including as head of its European business.

L&G is targeting £500mn-£600mn in operating profits from its asset management business by 2028 as well as growing its private markets platform from £52bn to £85bn. 

The announcement comes just a week after L&G agreed to sell its housebuilder Cala Homes as part of a simplification exercise by Simões.

The chief executive, who started in January, announced at an investor day in June how he would create a more streamlined group with a clearer investment case. 

But L&G’s shares have not yet responded. They are down 10 per cent since the start of the year, against a 7 per cent rise in the UK blue-chip stock index.

L&G, which became a significant investor in everything from houses to science parks under previous chief Sir Nigel Wilson, earlier this week announced a tie-up with UK state-sponsored pension scheme Nest and Dutch pension fund manager PGGM to invest up to £1bn in build-to-rent properties in the UK.



READ SOURCE

This website uses cookies. By continuing to use this site, you accept our use of cookies.