L&G appoints new head of asset management

(Sharecast News) - Legal & General has nabbed the head of Prudential Financial's investment management business to lead its new Asset Management arm. Eric Adler, who has only been in his current role at US-listed Prudential Financial for 12 months, will join L&G in December to spearhead growth plans for its asset manager.

The appointment follows the company's announcement in June that it is bringing together its public and private markets businesses as a unified global asset manager, which holds more than £1.1 trillion in assets.

Prior to joining Prudential Financial's asset manager PGIM, Adler was CEO for PGIM Real Estate, chair of private equity and head of its European business. Before joining PGIM in 2010, he was co-head of Tishman Speyer Europe.

"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," said L&G chief executive António Simões.

"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."