Prudential has named former Man Group chief executive Harvey McGrath as its new chairman.
McGrath will join the insurer’s board as a non-executive director on 1 September, eventually succeeding Sir David Clementi at the beginning of next year.
Starting his career at Chase Manhattan Bank in London and New York, McGrath worked at hedge manager Man from 1980 to 2007, spending the last seven years as chairman.
Prudential group chief executive Mark Tucker says he is pleased McGrath accepted the chairman position.
“He is an outstanding talent with proven leadership expertise in the complexities of the international financial services industry,” he says.
“He will bring great insight and experience to the board of the company as we pursue our increasingly international strategy.”
McGrath says he is excited at the prospect of joining Prudential, a company with a “proud heritage and an extremely exciting future”.
“The financial performance of the company over the past three years has been strong and differentiated from its competitors by its broad geographic reach, particularly its exposure to Asia, product expertise and the strength of the leadership team,” he says.
Sir David Clementi adds: “I have served six years as chairman of Prudential, a period of considerable change, real internationalisation of the business and rapid development of our management capability, and leave the Company in strong shape.”IFAonline
To cost £36bn by 2060/61
Banned for a total of 34 years
Self-administered pensions reported net investment £4.7bn in Q2
Was responsible for IT and transformation
There are 1,840 asset management firms with £8trn AUM