UK $1.4 Trillion Largest Asset Manager Legal & General Investment Management (LGIM) Hires Prudential PGIM Eric Adler as CEO of Asset Management with Michelle Scrimgeour to Depart after Successor is Identified, 13 Years at PGIM Including as President & CEO of PGIM Private Alternatives, Chief Investment Officer & Head of Europe, Previously with Tishman Speyer & Morgan Stanley
24th September 2024 | Hong Kong
United Kingdom (UK) largest asset manager Legal & General Investment Management (LGIM) with $1.4 trillion AUM has hired Prudential PGIM Eric Adler as CEO of Asset Management, with CEO Michelle Scrimgeour to depart after a successor is identified (previously announced). Eric Adler joins LGIM after 13 years at PGIM, holding senior roles including as President & CEO of PGIM Private Alternatives, Chief Investment Officer & Head of Europe. Eric Adler was previously with Tishman Speyer & Morgan Stanley. LGIM (24/9/24): “Today (24 September) Legal & General Group (“L&G” or “the Group”) announces the appointment of Eric Adler as Chief Executive Officer of Asset Management, subject to regulatory approval. The appointment follows the Group’s announcement that it would bring together its public and private markets businesses as a unified global asset manager, at its Capital Markets Event in June. The Group, which has over £1.1 trillion assets under management, is targeting asset management operating profits of £500-600 million by 2028, alongside growing its private markets platform from £52 billion, to £85 billion. Adler joins L&G from PGIM, Prudential Financial’s global asset manager, where he is President and Chief Executive of their $320 billion 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 CEO 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. As indicated previously, Michelle Scrimgeour, CEO of LGIM, will step down from her role and leave the business after a handover period. In 2024 June, LGIM announced CEO Michelle Scrimgeour will be departing after a successor is identified, with L&G also announcing to merge LGIM with alternatives platform Legal & General Capital. With the merger of the 2 businesses, L&G Capital Laura Mason has been appointed as CEO of Private Markets in the merged business. Legal & General CEO is ex-Santander & HSBC António Simões, who was appointed as Legal & General CEO in 2024 January.
“ UK $1.4 Trillion Largest Asset Manager Legal & General Investment Management (LGIM) Hires Prudential PGIM Eric Adler as CEO of Asset Management with Michelle Scrimgeour to Depart after Successor is Identified, 13 Years at PGIM Including as President & CEO of PGIM Private Alternatives, Chief Investment Officer & Head of Europe, Previously with Tishman Speyer & Morgan Stanley “
António Simões, Group Chief Executive Officer of Legal & General: “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. 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.”
Eric Adler: “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.”
UK $1.4 Trillion Largest Asset Manager Legal & General Investment Management LGIM CEO Michelle Scrimgeour to Depart after Successor is Identified, L&G to Merge LGIM with Alternatives Platform Legal & General Capital, L&G Capital Laura Mason Appointed as CEO of Private Markets, Ex-Santander & HSBC António Simões Appointed as Legal & General CEO in 2024 January
12th June 2024 – United Kingdom (UK) largest asset manager Legal & General Investment Management (LGIM) with $1.4 trillion AUM CEO Michelle Scrimgeour will be departing after a successor is identified, with L&G also announcing to merge LGIM with alternatives platform Legal & General Capital. With the merger of the 2 businesses, L&G Capital Laura Mason has been appointed as CEO of Private Markets in the merged business. Legal & General CEO is ex-Santander & HSBC António Simões, who was appointed as Legal & General CEO in 2024 January. In 2023 September, LGIM opened an office in Singapore, headed by Managing Director Asia ex-Japan Natasha Mora, Head of Wholesale Asia ex-Japan Gerald Koh and Head of Institutional Sales Asia ex-Japan Jackson Loi. Managing Director Asia ex-Japan Natasha Mora had been with LGIM since 2006 and Gerald Koh had just joined LGIM on 1st August 2023. LGIM had also recently hired Eastspring Investments & ex-Vanguard Heston Goh as Sales Director for Southeast Asia Institutions (1/9/23). Earlier in February 2023, hired Trista Chen as LGIM Head of Investment Stewardship Asia ex-Japan. Legal & General Investments is established in 1970 (later to LGIM), managing assets for pension funds, institutional and private clients. Legal & General Life Assurance Society is founded in 1836.
António Simões, Legal & General Group CEO – António was appointed Group Chief Executive Officer on 1 January 2024. Prior to joining Legal & General, António was the CEO of Banco Santander Spain and Regional Head of Europe since September 2020. Before joining Santander, António spent 13 years at HSBC in a series of executive positions in London and Hong Kong; starting with strategy and M&A and then moving to leading different businesses as UK/European CEO and finally, global CEO of private banking. Prior to that, he was a partner at McKinsey & Company working in financial services across several geographies. António studied in Lisbon (Nova School of Business and Economics), Milan (Bocconi) and the United States (MBA from Columbia University). In 2009, he was appointed a Young Global Leader of the World Economic Forum (WEF) and a few years later completed a WEF leadership programme at Harvard Kennedy School. António was previously a member of the Practitioner Panel of the Financial Conduct Authority from July 2013 and was chair of the panel from August 2015 to August 2017. He was also a member of the Practitioner Panel of the Prudential Regulation Authority. He is a vocal campaigner on youth unemployment issues and has been involved with the Prince’s Trust since 2012. He became a Trustee of Prince’s Trust International in 2018.
Michelle Scrimgeour, Legal & General Investment Management CEO – Michelle was appointed Chief Executive Officer of Legal & General Investment Management (LGIM) in July 2019. Michelle has spent her career at major global firms and has extensive asset management experience across investments, distribution, product, operations and risk. Before joining LGIM, Michelle was Chief Executive Officer, EMEA, at Columbia Threadneedle Investments and a member of the Executive Leadership Team of Ameriprise Financial. Prior to that, she was Chief Risk Officer at M&G Investments and a Director of M&G Group Limited, whom she joined in 2012 from BlackRock. Michelle held a number of senior leadership positions at BlackRock, and previously at Merrill Lynch Investment Managers and Mercury Asset Management, including Chief Operating Officer, International Fixed Income; Global Head of Fixed Income Product and Head of Alternative Investments. Michelle is Deputy Chair of the Investment Association and a member of the FCA’s Practitioner Panel. She also Co-Chaired the COP26 Business Leaders Group. Michelle holds a BA (Hons) in French from the University of Sheffield.
UK $1.4 Trillion Largest Asset Manager Legal & General Investment Management LGIM Opens Office in Singapore, Headed by Managing Director Asia ex-Japan Natasha Mora, Head of Wholesale Asia ex-Japan Gerald Koh and Head of Institutional Sales Asia ex-Japan Jackson Loi
9th September 2023 – United Kingdom (UK) largest asset manager Legal & General Investment Management (LGIM) with $1.4 trillion AUM (Assets under Management) has opened an office in Singapore, headed by Managing Director Asia ex-Japan Natasha Mora, Head of Wholesale Asia ex-Japan Gerald Koh and Head of Institutional Sales Asia ex-Japan Jackson Loi. Managing Director Asia ex-Japan Natasha Mora had been with LGIM since 2006 and Gerald Koh had just joined LGIM on 1st August 2023. LGIM had also recently hired Eastspring Investments & ex-Vanguard Heston Goh as Sales Director for Southeast Asia Institutions (1/9/23) and earlier in February 2023, hired Trista Chen as LGIM Head of Investment Stewardship Asia ex-Japan. Legal & General Investments is established in 1970 (later to LGIM), managing assets for pension funds, institutional and private clients. Legal & General Life Assurance Society is founded in 1836.
Michelle Scrimgeour, CEO, LGIM: “While we have been servicing institutional clients in the Asia Pacific region for over a decade, our new office in Singapore will add depth, business capability, investment expertise and brand profile in Asia, complementing our existing presence in Hong Kong and Tokyo. Due to the city-state’s regional influence and connectivity worldwide, opening an office in Singapore is an important milestone in our international growth strategy. This new local office affirms our commitment to the region, allows us to pursue new business opportunities and will elevate our ESG advocacy across Asia.”
UK $1.4 Trillion Largest Asset Manager Legal & General Investment Management LGIM Opens Office in Singapore, Headed by Managing Director Asia ex-Japan Natasha Mora, Head of Wholesale Asia ex-Japan Gerald Koh and Head of Institutional Sales Asia ex-Japan Jackson Loi
Legal & General
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which 39% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
LGIM
LGIM is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.16 trillion ($1.47tn, €1.35tn, CHF 1.31tn). We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors. For more than 50 years, we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property, and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.
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