Prudential Names Aberdeen's Anne Richards as CEO of M&G Unitby
Michael McLintock is retiring as CEO after 19 years with firm
Aberdeen Names Andrew McCaffery head of solutions business
Prudential Plc appointed Aberdeen Asset Management Plc’s Anne Richards as chief executive officer of its M&G Investments unit, replacing Michael McLintock who is retiring after 19 years at the helm.
Richards, 51, will take over from McLintock, 54, and join the insurer’s executive board this year once her appointment has been approved by regulators, Prudential said in a statement Monday. Richards, who joined Aberdeen in 2003, helps oversee 290.5 billion pounds ($415 billion) in assets for the Scottish firm as chief investment officer.
McLintock has headed M&G since 1997 and oversaw its acquisition by Prudential in 1999. The asset manager today oversees more than 247 billion pounds for its parent company as well as third-party clients. That’s down from more and 264 billion pounds at the end of 2014.
Prudential declined 3.1 percent in London trading to 1,325 pence as of 10:33 a.m., making it the worst performer on the STOXX 600 Insurance Price index, which was down 0.9 percent. Aberdeen fell 2.5 percent to 244 pence.
Richards, who will be paid 400,000 pounds in basic salary and could earn as much as 600 percent of her pay as a bonus, is the second major appointment for Mike Wells since he became group CEO of Prudential in June. He hired John Foley as CEO of the U.K. and Europe division following Jackie Hunt’s surprise resignation after two years in the job.
Aberdeen named Andrew McCaffery, currently global head of alternatives, to take over Richards’s role as head of its solutions business. He will report to managing director Hugh Young.