Legal & General Group PLC on Tuesday named a new head of its asset management business, following the strategic shake-up announced in June.

The London-based insurer said Eric Adler would join L&G as chief executive officer of Asset Management, subject to regulatory approval.

The appointment follows the group’s decision to bring together its public and private markets businesses as a unified global asset manager, made at the Capital Markets Event in June.

Adler joins L&G from PGIM, where he is chief executive of its $320 billion Private Alternatives business. PGIM is the global asset manager of Prudential Financial Inc, a New Jersey, US-based insurance company.

Prior to leading Private Alternatives, Adler was CEO & chief investment officer for PGIM Real Estate, chair of Private Equity, and head of the European business at PGIM.

Michelle Scrimgeour, CEO of LGIM, will step down from her role and leave the business after a handover period.

L&G’s asset management business has over £1.1 trillion assets under management, and is targeting asset management operating profits of £500 to £600 million by 2028, alongside growing its private markets platform from £52 billion to £85 billion.

L&G Chief Executive Antonio Simoes said: ‘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.’

Shares in L&G were up 1.5% to 227.57 pence each in London on Tuesday.

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