LONDON (dpa-AFX) - Legal & General Group (LGEN.L) announced the appointment of Eric Adler as Chief Executive Officer of Asset Management division, subject to regulatory approval. He will join L&G's Group Management Committee in December to spearhead growth plans for its asset manager.
Adler succeeds Michelle Scrimgeour, CEO of LGIM, who will step down from her role and leave the business after a handover period.
Adler joins L&G from PGIM, Prudential Financial's global asset manager, where he is President and Chief Executive of their $320 billion Private Alternatives business. He is a member of both the PGIM and Prudential Financial Operating Committees. Before joining PGIM in 2010, he was Co-head of Tishman Speyer Europe.
Legal & General, at its Capital Markets Event in June, announced that it would bring together its public and private markets businesses as a unified global asset manager.
The company, with over 1.1 trillion pounds assets under management, is targeting asset management operating profits of 500 million pounds to 600 million pounds by 2028. Private markets platform is expected to grow from 52 billion pounds to 85 billion pounds.
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....'
In London, Legal & General shares were trading at 226.70 pence, up 1.07%.
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