Andrea Rossi was named CEO and executive director at M&G, replacing John Foley, effective Oct. 10.
Mr. Foley in April announced his intention to retire, following seven years in the role. He will remain at M&G as an adviser until Dec. 31 to ensure an orderly transition, the firm said Thursday.
The appointment has been approved by U.K. regulatory authorities.
M&G had £348.9 billion ($424.2 billion) in assets under management and administration as of June 30.
Mr. Rossi said in a conference call that a priority will be "to drive organic growth," and said he is "excited to look into how to grow this business profitably."
Chairman Edward Braham said in a news release: "His deep experience in both global asset management and insurance is an ideal fit for M&G."
Mr. Rossi was most recently a senior adviser to Boston Consulting Group, a role he will step down from following his appointment at M&G. He is also co-founder of REsustain, a firm that focuses on reducing the carbon intensity of commercial real estate. He will remain as a non-executive director of that firm.
Prior to his appointment at BCG, Mr. Rossi was CEO of AXA Investment Managers.