Legal & General announces next CEO of Investment Management
25 Feb 2019
Legal & General Group Plc ("Legal & General") today announces the appointment of Michelle Scrimgeour as Chief Executive Officer of Legal & General Investment Management ("LGIM") and executive director of Legal & General Group.
Michelle Scrimgeour will join LGIM from Columbia Threadneedle Investments, where she is currently Chief Executive Officer with responsibility for the EMEA (Europe, Middle East and Africa) region.
Her appointment follows a comprehensive, global search process and is subject to regulatory approval. She will succeed Mark Zinkula as CEO of LGIM. Mark has been CEO of LGIM since 2011, and last year announced his intention to retire from the company in August 2019. Michelle will take up her post formally following the completion of regulatory and other formalities and Mark will be working closely with her to ensure a comprehensive handover before he retires from the Company later this year. Michelle will join the board of Legal & General Group plc on appointment, at which point Mark will step down from the Legal & General Group Board. The specific retirement and appointment dates will be confirmed in due course.
No information is required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules in relation to Michelle's appointment as a director of the Company.
Commenting on Michelle's appointment, Nigel Wilson, CEO of Legal & General, said: "I am delighted Michelle is joining us to lead the next phase of LGIM's growth both with our existing UK clients and internationally. Her successes at Columbia Threadneedle, M&G and Blackrock clearly demonstrate that she combines a capacity for managing and growing a very substantial international asset management business with a strong focus on creating sustainable and scalable operations. Her practical, collegiate and customer-focused approach will further bolster LGIM's unique culture, leveraging its strong synergies with the broader L&G Group, and building on the outstanding job "Zink" has done since 2011."
I am delighted Michelle is joining us to lead the next phase of LGIM's growth both with our existing UK clients and internationally.
Nigel Wilson, CEO of Legal & General
For further information
Notes to Editors
Michelle Scrimgeour Biography
Michelle Scrimgeour joined Columbia Threadneedle Investments in April 2017 as Chief Executive Officer, EMEA.
She is also CEO of Threadneedle Asset Management Limited and a member of the Executive Leadership Team of Ameriprise Financial. Columbia Threadneedle is the global asset management group of Ameriprise (NYSE:AMP), a leading US-based financial services provider.
Michelle has spent her career at major global firms and has extensive asset management experience across investments, distribution, product, operations, risk and control functions. Prior to joining Columbia Threadneedle, Michelle was Chief Risk Officer at M&G Investments and a Director of M&G Group Limited. Michelle joined M&G in 2012 from BlackRock (previously Merrill Lynch Investment Managers and Mercury Asset Management). She was a member of the Executive Committee at BlackRock which led the firm's US$1 trillion EMEA business and oversaw the integration of BlackRock and BGI in London. Prior to that Michelle held a number of senior roles across the firm and across asset classes, including Chief Operating Officer for International Fixed Income; Global Head of Fixed Income Product; Head of Alternative Investments and senior roles in the Quantitative Equity and Transition Management businesses.
Michelle is on the Board of the Investment Association and is a member of the FCA Practitioner Panel.
Michelle holds a BA (Hons) in French from the University of Sheffield.
Legal & General Investment Management
Legal & General Investment Management is one of Europe's largest asset managers and a major global investor, with total assets under management of £984.8 billion1. It is the largest manager of UK pension assets and has diversified strongly in recent years, building on strengths in the UK defined benefit (DB) market to position the business for strong growth in the defined contribution (DC) and international markets, particularly the US. International AUM has grown by a CAGR of 22% since 2014 and LGIM now has £229bn of international AUM. LGIM works with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.
Throughout the past 40 years we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. LGIM provides investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions. LGIM works closely with the broader Legal & General Group, particularly Legal & General Capital and Legal & General Retirement, to deliver a broad range of asset-based solutions for pension risk transfer transactions and balance sheet investments.
1 LGIM internal data as at 31 June 2018. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.