Legal & General Group PLC (LSE:LGEN) has appointed Eric Adler as chief executive for its newly combined asset management business, poaching him from his current role as head of the $320 billion private equity and alternative investments arm of Prudential Financial Inc (NYSE:PRU).
In June, the group said it was combining its public and private markets businesses into a single LGAM unit, with more than £1.1 trillion of assets under management.
Adler has been at Prudential Financial's PGIM arm since 2010, currently heading up the Private Alternatives business, which invests in private credit, real estate, infrastructure and private equity.
As announced in the June strategic rejig, current LGIM boss Michelle Scrimgeour, will leave after a handover period with Adler.
António Simões, L&G's group CEO, said asset management "is the cornerstone of our growth strategy, and highly synergistic with our institutional retirement and retail businesses",
He said Adler "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".
For his part, Adler said he is "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".