Kerrigan Procter has joined U.K. financial services firm M&G as managing director of its corporate risk solutions business, according to a news release.
He joins from Legal & General Investment Management, where he had been chief executive of the firm’s retirement and alternative asset businesses, before becoming president of Asia-Pacific and interim chief executive of LGIM America.
At M&G, Procter will be responsible for leading activity in the bulk purchase annuity market, also known as pension risk transfer, developing a range of derisking solutions.
The role includes M&G’s workplace pension business that manages the £11.7 billion ($15 billion) in savings of around 435,000 workplace savers across 8,700 pension plans in the U.K.
Clive Bolton, chief executive of M&G Life, said: “I am delighted that we have been able to attract someone of Kerrigan’s caliber for this key role, and I look forward to welcoming him to M&G. His extensive knowledge of defined benefit plans and experience in private assets underlines M&G’s commitment to the BPA market as we accelerate our plans to support more clients through their derisking journey.”
Since M&G re-entered the bulk purchase annuity market in September last year, it has agreed to three buy-in transactions bringing sales to almost £1 billion in total.
Michelle Scrimgeour, chief executive of LGIM, said: “After 18 years with Legal & General, Kerrigan Procter will be leaving the Group at the end of 2024 to pursue a new opportunity.
“On behalf of everyone at L&G, we’d like to thank Kerrigan for his dedication and contribution to our business over nearly two decades. Kerrigan will continue to lead LGIM America on the current interim basis until the end of the year. Our process to appoint a new global asset management CEO continues to progress well, and we expect to provide a further update in the autumn.”
