FX.co ★ Legal & General Appoints Prudential Financial's Eric Adler As New Asset Management CEO

Legal & General Group (LGEN.L) has announced the forthcoming appointment of Eric Adler as the Chief Executive Officer of its Asset Management division, pending regulatory approval. Adler will join L&G's Group Management Committee in December to lead the expansion efforts of its asset management arm.

He succeeds Michelle Scrimgeour, the current CEO of LGIM, who will step down and depart from the company following a transition period.

Eric Adler brings extensive experience from PGIM, the global asset manager of Prudential Financial, where he served as President and Chief Executive of their $320 billion Private Alternatives business. He is also involved in PGIM and Prudential Financial's Operating Committees. Prior to his tenure at PGIM, which began in 2010, Adler was the Co-head of Tishman Speyer Europe.

At the company's Capital Markets Event in June, Legal & General unveiled plans to integrate its public and private markets operations into a single global asset management entity.

With assets exceeding £1.1 trillion under management, Legal & General is aiming for asset management operating profits between £500 million and £600 million by 2028. Additionally, the private markets platform is projected to grow from £52 billion to £85 billion.

António Simões, Group CEO of L&G, commented, "In June, we outlined our vision for achieving sustainable growth, increased focus, and enhanced returns through a more streamlined and connected L&G. Asset Management is a critical component of our growth strategy, complementing our Institutional Retirement and Retail businesses. Throughout an extensive global search, Eric distinguished himself with his growth-oriented approach."

In London trading, Legal & General shares rose by 1.07%, reaching 226.70 pence.