Legal & General has hired Eric Adler as its asset management chief in charge of an investment portfolio worth more than £1.1 trillion making him one of the most powerful players in the City.
Adler, joins as chief executive officer of asset management, from PGIM, Prudential Financial’s global asset manager, where he is president and chief executive of their $320 billion private alternatives business. The appointment follows L&G’s announcement in June that it would bring together its public and private markets businesses as a unified global asset manager.
Adler was previously 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 property developer Tishman Speyer Europe.
Michelle Scrimgeour, current CEO of Legal and General Investment Management, will step down from her role.
L&G’s group CEO António Simões, Group CEO, L&G, said “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 sai “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.”
