Legal & General named Eric Adler as CEO for its £1.1 trillion ($1.46 trillion) asset management division, leading growth for its newly unified public and private markets businesses.
Adler is president and CEO of PGIM’s $319 billion private alternatives business, where he leads investments and client financing solutions across private credit, real estate, agriculture and private equity. He was previously CEO and global CIO for PGIM Real Estate, chair of private equity and head of the European business.
Subject to regulatory approval, Adler will join the firm and parent company L&G’s group management committee in December, a regulatory filing said.
The appointment follows L&G’s move to bring together Legal & General Investment Management and its alternatives platform, Legal & General Capital, announced in June as part of a strategy refresh.
At the time, the firm said that LGIM CEO Michelle Scrimgeour would step down and that Laura Mason, CEO at L&G Capital, would become CEO for private markets. L&G also said it had launched a global search for a new CEO to lead the unified asset management division.
The Sept. 24 filing said Scrimgeour will leave after a handover period. Mason will work closely with Adler to enable the firm’s growth ambitions in private markets, a spokesperson said. She will remain on the group management committee, reporting to L&G CEO Antonio Simoes.
L&G wants to almost double AUM of its private markets platform by 2028, growing to £85 billion, from £52 billion as of June 30.
In June "we set out our ambition to deliver sustainable growth, sharper focus and enhanced returns as a simpler, better-connected L&G,” Simoes said in the filing. “Asset management is the cornerstone of our growth strategy, and highly synergistic with our institutional retirement and retail businesses,” Simoes said, referring to the other two strategic priorities named by L&G in its June refresh.
"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.”
A spokesperson for PGIM confirmed Adler's departure and said David Hunt, president and CEO, will assume interim responsibility for the private alternatives unit. Day-to-day business operations will continue with no interruption, and PGIM remains committed to the private alternatives business, she said.
