M&G has hired former abrdn and Brooks Macdonald senior executive Caroline Connellan as chief executive of M&G Wealth.
A statement today (4 July) said she will lead M&G's multi-channel wealth business which encompasses Financial Advice, Adviser Services including the M&G Wealth Platform, and Investment Solutions.
It currently has c£85bn assets under administration. The business works with c500 of its own advisers and has an active relationship with more than 3,000 advice firms.
With over 25 years' of experience in retail financial services, Connellan has a track record of transforming and growing wealth management businesses with a strong customer-centric focus, the statement said.
Most recently, she was CEO of abrdn Personal Wealth, and CEO and executive director of wealth manager Brooks Macdonald Group.
Throughout her career, she has held a number of senior positions, including head of UK Premier and Wealth at HSBC and Group Strategy Director at Standard Life.
She also gained extensive consulting experience across wealth, asset management and insurance in her eight years with McKinsey, having began her career as a Private Client Investment Manager with Newton Investment Management.
Connellan will join in September 2023 and become a member of M&G's Executive Committee, reporting to group chief executive officer, Andrea Rossi.
Andrea Rossi, group chief executive officer, M&G, said: "I am delighted to welcome Caroline to M&G. She demonstrates a powerful combination of strong commercial leadership and industry expertise with an excellent track record in driving transformation to deliver profitable growth. She brings a relentless focus on clients and advisers, and significant experience in creating innovative products and services to meet their changing needs.
"I have clear ambitions to grow our wealth business, broadening our investment offering, delivering a truly end to end proposition and making PruFund more accessible to clients. I am confident that Caroline's commercial drive, client-focused approach, energy and leadership will be instrumental in helping us deliver on our ambitions and transform how M&G delivers value to its clients and key stakeholders."
Connellan said: "It's now more important than ever for people to be able to secure their financial future in a way that is tailored to them, and M&G is well placed to meet the needs of both clients and advisers.
