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Legal & General Group PLC (LSE:LGEN) has announced the appointment of Eric Adler as the chief executive of its newly merged asset management division. Adler transitions from his role as head of Prudential Financial Inc.’s $320 billion private equity and alternative investments segment.
Earlier in June, Legal & General revealed its plans to consolidate its public and private market operations into a single unit, known as LGAM, which will oversee more than £1.1 trillion in assets. This strategic move aims to streamline the company’s asset management capabilities and enhance operational efficiency.
Adler has been with Prudential Financial’s PGIM division since 2010, where he currently leads the Private Alternatives business, focusing on sectors such as private credit, real estate, infrastructure, and private equity. His extensive experience in managing alternative investments positions him well to lead the newly formed LGAM.
Following this transition, Michelle Scrimgeour, the current head of LGIM, will step down after a handover period with Adler. António Simões, Legal & General's group CEO, emphasized the significance of asset management in the company’s growth strategy, highlighting its synergy with both institutional retirement and retail businesses. He noted that Adler distinguished himself with a strong focus on growth, proven success in building businesses, and extensive international experience.
Adler expressed enthusiasm about the new role, stating that he looks forward to maximizing the potential of asset management in driving the group's goals. He aims to achieve profitable growth while leveraging investment power to foster economic opportunities and generate positive social impact.
This leadership change reflects Legal & General's commitment to enhancing its asset management division and positioning itself for future growth. With Adler at the helm, the company anticipates a robust strategy that will align its asset management operations with broader organizational objectives, ultimately reinforcing its competitive standing in the financial services market.
Overall, this appointment signals a strategic effort to capitalize on Adler's expertise and experience as Legal & General seeks to navigate the evolving landscape of asset management while remaining focused on delivering value and driving innovation.
