Legal & General has hired Eric Adler (pictured) as the new chief executive officer of its asset management arm, following proposed plans to unify its private and public market businesses.
Adler will join the firm from PGIM, where he is president and CEO of its private alternatives business, which operates across private equity, private credit, real estate and infrastructure. The business arm currently has $320bn under management.
In his new role, Adler will aim to increase Legal & General’s asset management operating profits to £500-600m by 2028, and grow its private markets platform by 63.5% from £52bn to £85bn.
See also: LGIM weighs on Legal & General profits
The hire follows the announcement that Michelle Scrimgeour, CEO of Legal & General Investment Management (LGIM), will leave the business following a handover period.
In June, it was announced that LGIM and Legal & General Capital would be combined to create a single £1.1trn entity, which Adler will oversee.
António Simões, group CEO of 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.”
He added: “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.”
Adler said he is “looking forward to maximising the role of asset management” in driving the L&G’s “growth 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,” he added. “The potential is significant, and I can’t wait to get started with António and the team.”
