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Insider UK
Insider UK
Peter A Walker

M&G appoints ex-abrdn executive as new wealth chief

M&G Wealth has appointed Caroline Connellan as its new chief executive.

She moves from being a senior advisor across asset and wealth management at Boston Consulting Group since January 2022, and before that was the chief executive of abrdn's personal wealth business from October 2021 to 2022.

Connellan will now lead M&G’s wealth business, which encompasses financial advice, adviser services - including the M&G Wealth Platform - and investment solutions. It currently has circa £85bn worth of assets under administration and works with around 500 in-house own advisers, alongside more than 3,000 advice firms.

She has more than 25 years’ of experience in retail financial services, having also spent five years as chief executive and executive director of Brooks Macdonald Group, and before that long stints in senior positions such as head of UK premier and wealth at HSBC and group strategy director at Standard Life.

Connellan also gained consulting experience across wealth, asset management and insurance in eight years with McKinsey. She began her career as a private client investment manager at Newton Investment Management.

David Montgomery, the current managing director of M&G Wealth will leave his role at the end of August, with Connellan officially joining in September, becoming a member of M&G’s executive committee, reporting to group chief executive Andrea Rossi.

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.

“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 said: “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.

“I am looking forward to working with the team to shape the wealth business for the future, expanding our range of compelling products and services, and strengthening our relationships with clients and advisers.”

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