Legal & General has appointed Eric Adler as chief executive of its asset management arm as the FTSE 100 pensions and insurance giant looks to forge ahead with its new strategy.
The FTSE 100 firm is looking to combine its public and private markets business with the aim of creating a single “simpler” investment division.
It is targeting asset management operating profits of between £500-600m by 2028, alongside growing its private markets platform to £85bn, up from £52bn currently.
Adler is currently president and chief executive of PGIM’s private alternatives business.
He will replace Michelle Scrimgeour, who will step down after a handover period and leave the business.
Under the strategic plans announced in June, Legal & General also said it will ramp up its lucrative pension risk transfer business.
António Simões, Legal & General chief executive, said: “In June, we set out our ambition to deliver sustainable growth, sharper focus and enhanced returns as a simpler, better-connected Legal & General. 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,” Simões 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,” Adler said.