Legal & General appoints new
Asset Management Chief Executive
Eric Adler will join L&G's Group Management Committee in
December to spearhead growth plans for its asset
manager
Today (24 September) Legal &
General Group ("L&G" or "the Group") announces the appointment
of Eric Adler as Chief Executive Officer of Asset Management,
subject to regulatory approval. 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 £1.1
trillion assets under management[1], is
targeting asset management operating profits of £500-600 million by
2028, alongside growing its private markets platform from £52
billion[2] to £85 billion.
Adler joins L&G from PGIM,
Prudential Financial's global asset manager, where he is President
and Chief Executive of their $320 billion[3] Private Alternatives business, leading investments
and client financing solutions across private credit, real estate,
infrastructure and private equity. He is a member of both the PGIM
and Prudential Financial Operating Committees.
Prior to his leadership of Private
Alternatives, Adler was CEO and Global Chief Investment Officer for
PGIM Real Estate, Chair of Private Equity, and Head of their
European business. Before joining PGIM in 2010, he was Co-head of
Tishman Speyer Europe.
As indicated previously, Michelle
Scrimgeour, CEO of LGIM, will step down from her role and leave the
business after a handover period.
António Simões, Group CEO, L&G, said:
"In June we set out our ambition to
deliver sustainable growth, sharper focus and enhanced returns as a
simpler, better-connected L&G. Asset Management is the
cornerstone of our growth strategy, and highly synergistic with our
Institutional Retirement and Retail businesses.
"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. I am delighted
to be welcoming him to the Group.
"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."
Eric Adler commented:
"L&G
combines a strong heritage with an exciting vision for the future.
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. The potential is significant, and I
can't wait to get started with António and the team."
ENDS
Notes
About Legal & General
Established in 1836, Legal &
General is one of the UK's leading financial services groups and a
major global investor, with £1.1 trillion in total assets under
management (as at HY24) of which c40% (circa £0.5 trillion) is
international.
We have a highly synergistic
business model, which continues to drive strong returns. We are a
leading international player in Institutional Retirement, in Retail
Savings and Protection, and in both public and private markets
through our Asset Management division. Across the Group, we are
committed to responsible investing and dedicated to serving the
long-term savings and investment needs of customers and society. As
at 23 September 2024, Legal & General has a market
capitalisation of £13.2 billion.
Enquiries
Investors
Edward Houghton, Group Strategy
& Investor Relations Director
investor.relations@group.landg.com
+44 203 124 2091
Gregory Franck, Investor Relations
Director
investor.relations@group.landg.com
+44 203 124 4415
Media
Natalie Whitty, Group Corporate
Affairs Director
Natalie.Whitty@group.landg.com
+44 738 443 5692
Elizabeth Bickham, Head of External
Communications and PR, LGIM
elizabeth.bickham@lgim.com
+44 7887 930518
Lucy Legh / Charlie Twigg, Headland
Consultancy
LandG@headlandconsultancy.com
+44 20 3805 4822
