Savings and investment giant M&G has appointed Caroline Connellan as chief executive of M&G Wealth.
Connellan 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 £85bn ($108bn, €99bn) assets under administration.
With over 25 years’ of experience in retail financial services, Connellan was most recently chief executive of Abrdn Personal Wealth, and chief executive and executive director of wealth manager Brooks Macdonald Group.
Connellan will join in September 2023 and become a member of M&G’s executive committee, reporting to group chief executive Andrea Rossi.
This comes after M&G announced David Montgomery managing director of its wealth arm will leave his role at the end of August.
Rossi 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 added: “I am excited to be joining M&G to lead its Wealth business. 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.
“M&G is a leading provider of innovative wealth solutions and services, helping people manage and grow their savings. I am looking forward to working with the team to build on this – shaping the wealth business for the future, expanding our range of compelling products and services, and strengthening our relationships with clients and advisers.”