Former Brooks Macdonald head Caroline Connellan has been announced as CEO of M&G Wealth.
Connellan will lead M&G’s multi-channel wealth business which currently has about £85bn in assets under management and includes financial advice, adviser services (including the M&G wealth platform), and investment solutions.
She will bring her retail finance experience to the role, having held a number of senior positions throughout her career, including HSBC head of UK, premier and wealth, and Standard Life group strategy director.
Most recently, she was CEO of Abrdn Personal Wealth, and CEO and executive director of wealth manager Brooks Macdonald.
Over her 25 years in retail finance, Connellan has curated a track record of "transforming and growing" wealth management businesses with a strong customer-centric focus.
M&G group chief executive officer, Andrea Rossi, said: “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.”
Rossi added that Connellan’s drive, client-focused approach, energy and leadership will be “instrumental” in helping M&G deliver on its ambitions and transform how it delivers value to its clients and key stakeholders.
Connellan added: “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.”
She also said that she is looking forward to build on M&G's past achievements to shape the wealth business for the future, expand the range of compelling products and services, and strengthen relationships with clients and advisers.
Connellan will join M&G in September 2023 and become a member of M&G’s executive committee, reporting to Rossi.
David Montgomery managing director of M&G Wealth will leave his role at the end of August.
tom.dunstan@ft.com
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