Legal & General Group has appointed Eric Adler as chief executive officer of asset management, subject to regulatory approval.
The hire is part of the group’s plans to bring together its public and private markets businesses under a “unified global asset manager”, the firm explained in a stock exchange notice today (24 September).
L&G has more then £1.1trn in assets under management and is targeting asset management operating profits of £500-600m by 2028, while aiming to grow the private markets platform from £52bn to £85bn.
Adler joins from PGIM where he is president and CEO of the private alternatives business, which looks after around $320bn in assets. Prior to this he was CEO and global CIO for PGIM Real Estate; chair of private equity and head of European business.
Additionally, Michelle Scrimgeour, CEO of Legal & General Investment Management, previously noted she will be stepping down from her role and leave the business after a handover period.
António Simões, group CEO of 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.”
Simões thanked Scrimgeour for her work at the firm and “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”.
Adler added: “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 cannot wait to get started with António and the team.”
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