This heavyweight appointment for Prudential plc was the subject of speculation that the successful candidate would have extensive experience in Asia given the company’s growing focus on that region. Prudential made a failed bid for Asian insurer AIA in 2010.
But although Manduca, who succeeds Harvey McGrath, has considerable international experience, most of his career has been based in London. Manduca founded Threadneedle Asset Management Limited in 1994, and has acted as chief executive of both Rothschild Asset Management and Deutsche Asset Management. He will step down from his position as chairman of Aon UK and reduce his other commitments in order to make Prudential his principal focus.
Mr Manduca said: "The company has generated significant returns for shareholders under the leadership of Tidjane Thiam, in spite of significant macroeconomic headwinds.”
Lord Turnbull, who led the nomination committee process to appoint the new chairman after the board asked Manduca to be a candidate, said: "During the year and a half since he joined the Prudential board, Paul has demonstrated tremendous leadership skills.”
Manduca’s appointment has been approved by the Financial Services Authority. The appointment of a new senior independent director will be announced "in due course", the company stated.