M&G Investments’ chief executive Michael McLintock is to retire from his role, to be replaced later this year by Aberdeen Asset Management CIO Anne Richards. McLintock was appointed chief executive in 1997 and oversaw the company’s acquisition by Prudential in March 1999. He first joined M&G in October 1992. Richards will join Prudential from Aberdeen, subject to regulatory approval, where she currently holds the role of chief investment officer and is responsible for operations in Europe, the Middle East and Africa.
“I am delighted that a person of Anne’s talent is joining the group and I look forward to working with her. Anne will be able to deploy her leadership skills and exceptional knowledge of the global asset management industry to provide the best possible outcomes for our customers, clients and shareholders.”
McLintock added: “I am absolutely delighted to be handing the reins to Anne. I have loved running M&G, but after 19 years I feel strongly that it is time for a change.
“M&G is a special business. I would like to thank all of my colleagues for their support and hard work over so many years. I have no doubt whatsoever that M&G will flourish under Anne’s leadership and I wish her and the team every possible success.”
Prior to her role at Aberdeen, Richards has also held senior positions at J.P. Morgan Investment Management, Mercury Asset Management and Edinburgh Fund Managers, which was acquired by Aberdeen in 2003.Her role as head of Aberdeen’s solutions business (covering multi-asset, alternatives and quantitative investment capabilities) will be taken over by Andrew McCaffery, who is currently global head of alternatives. He will report to Hugh Young, who already heads up the equities, fixed income and property businesses.
Andrew Laing, Aberdeen’s deputy chief executive, will take over responsibility for operations in Europe, the Middle East and Africa.
Aberdeen CEO Martin Gilbert said: “Anne has been an exceptional contributor to Aberdeen throughout her many years with the company. Her outstanding knowledge of the asset management industry and her proven abilities as a leader have played a key part in the growth of our business over the last 13 years.
“I would like to thank her for everything she has done for the company and wish her the very best for the future. While we are sorry to lose Anne, we are also delighted that one of our colleagues should have been appointed to such an important role in the industry.” Richards added: “It has been an honour for me to have been part of the success of Aberdeen Asset Management since 2003.
“This is a great company staffed by great people and, while I have decided it is the right time for me to pursue new opportunities, I would like to offer Martin, the team and the company my very best wishes.”