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McGrath will assume the position on 1 January 2009. He also joins the board as non-executive director on 1 September 2008.

McGrath started his career at Chase Manhattan Bank in London and New York, and from 1980 to 2007 worked for Man Group starting as treasurer, then finance director, then president of Man Inc in New York.

He is currently chairman of the London Development Agency, which works for the Mayor of London, co-ordinating economic development and regeneration across the capital.

He is also vice chairman of the London Skills and Employment Board, which is tasked with developing a strategy for adult skills in London.

Mark Tucker, group chief executive of Prudential, said: "I am very pleased that Harvey has accepted the position of chairman.

"He is an outstanding talent with proven leadership expertise in the complexities of the international financial services industry.

"He will bring great insight and experience to the Board of the Company as we pursue our increasingly international strategy.”

McGrath added: "I am excited at the prospect of joining Prudential. The company has a rare combination of both a proud heritage and an extremely exciting future."

McGrath is also the former chairman of both London First and the East London Business Alliance, and a member of the International Advisory Board of the School of Oriental and African Studies.