Antonio Simoes was named group CEO of Legal & General Group, the parent company of Legal & General Investment Management, effective Jan. 1, a spokeswoman confirmed.
Mr. Simoes will succeed Nigel Wilson, who has been has been group CEO since 2012 and in January announced his intention to retire.
The spokeswoman said divisional CEOs, including LGIM CEO Michelle Scrimgeour will report to Mr. Simoes.
"The board is delighted to appoint Antonio as group CEO designate," Chairman John Kingman said in a news release Thursday. "Antonio brings a formidable leadership track record at the most senior level of financial services, working across complex, global organizations. In an excellent field, his energy, ambition and clarity of strategic thinking stood out, alongside his strong belief in the positive role that business should play in society."
Mr. Simoes has been regional head of Europe at Banco Santander since September 2020 where he leads retail and commercial banking, corporate and investment banking, wealth management and insurance. Pedro Castro e Almeida will replace Mr. Simoes, who will remain in the position until Sept. 1, a Banco Santander spokesman confirmed.
LGIM had $1.44 trillion in assets under management as of Dec. 31.