M&G Investments, the investment arm of Prudential, has appointed Aberdeen Asset Management chief investment officer Anne Richards as its new chief executive.
Current chief executive Michael McLintock has decided to retire from the helm of M&G, and as an executive director of Prudential.
McLintock has been at M&G since 1992 and has been chief executive since 1997. He also oversaw the Pru acquisition of M&G in 1999.
Richards will replace him as chief executive later this year, subject to regulatory approval.
At Aberdeen Richards has been responsible for operations in Europe, the Middle East and Africa.
She has also held senior roles at JP Morgan, Mercury Asset Management and Edinburgh Fund Managers, which was acquired by Aberdeen in 2003.
Prudential group chief executive Mike Wells says: “I would like to thank Michael for his exceptional contribution to M&G over the last two decades. I wish him all the very best for the future.
“I am delighted that a person of Anne’s talent is joining the group and I look forward to working with her. Anne will be able to deploy her leadership skills and exceptional knowledge of the global asset management industry to provide the best possible outcomes for our customers, clients and shareholders.”
Michael McLintock says: “I am absolutely delighted to be handing the reins to Anne. I have loved running M&G, but after 19 years I feel strongly that it’s time for a change. M&G is a special business. I would like to thank all of my colleagues for their support and hard work over so many years. I have no doubt whatsoever that M&G will flourish under Anne’s leadership and I wish her and the team every possible success.”
Anne Richards says: “I am delighted I have the opportunity to lead M&G, which is a world-class business. I look forward to working with the team to continue building the business and leading the next phase of M&G’s development.”