Legal & General appoints new Asset Management Chief Executive

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 management¹, is targeting asset management operating profits of £500-600 million by 2028, alongside growing its private markets platform from £52 billion², 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 billion³ 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.

¹ H1 2024: £1.136 trillion Assets Under Management

² H1 2024

³ PGIM Private Alternatives Assets Under Management and Administration at 30/09/2023