L&G appoints Eric Adler as asset management chief executive
Legal & General Group (L&G) has appointed PGIM private alternatives president and chief executive Eric Adler as chief executive officer of asset management.
Adler will join L&G’s group management committee in December to spearhead growth plans for its asset management business, subject to regulatory approval.
The appointment follows L&G’s announcement that it would bring together its public and private markets businesses as a unified global asset manager in June.
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The group, which has more than £1.1trn assets under management, is targeting asset management operating profits of £500-600m by 2028, alongside growing its private markets platform from £52bn to £85bn.
At PGIM, Prudential Financial’s global asset manager, Adler led its $320bn private alternatives business, leading investments and client financing solutions across private credit, real estate, infrastructure and private equity. He is a member of both the PGIM and Prudential Financial operating committees.
Prior to his leadership of private alternatives, Adler was chief executive and global chief investment officer for PGIM real estate, chair of private equity, and head of their European business.
Before joining PGIM in 2010, he was co-head of Tishman Speyer Europe.
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Michelle Scrimgeour, chief executive of LGIM, will step down from her role and leave the business after a handover period.
“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,” L&G group chief executive António Simões said.
“Eric will join an excellent team that is showing great momentum, and I am confident that this will continue to accelerate under his leadership. I’d like to thank Michelle Scrimgeour 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.”
Commenting on his appointment, 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 can’t wait to get started with António and the team.”
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