Andrea Rossi to become chief executive of M&G

Fund manager M&G has announced that Andrea Rossi will take the helm at the company from October, as John Foley steps down after seven years as chief executive.

Rossi was chief executive of Axa Investment Management for six years, capping a two-decade career at the French group. Most recently, he was senior consultant at Boston Consulting Group.

Foley announced his retirement in April, and will remain at M&G as an adviser until the end of year to help smooth the transition.

“I am honoured to have been selected as [M&G’s] next CEO and look forward to driving growth in the business while at the same time improving its efficiency to better serve client needs,” said Rossi. “There is an excellent team at M&G and I’m excited at the prospect of working with them to take the business forward.”

M&G has £370bn of assets under management and administration. It also has a £211bn retail and savings arm. The company was bought by insurer Prudential in 1999 and merged with its UK and European businesses. The two demerged in 2019 as the insurer chose to focus on Asia and Africa.

M&G’s shares have fallen 14 per cent so far this year, as many companies in the sector have struggled amid volatile markets.

“Rossi’s deep experience in both global asset management and insurance is an ideal fit for M&G,” said chair Edward Braham. “He is an inspiring and proven leader with a strong track record of delivering profitable growth and outstanding client outcomes.”

Rossi’s appointment has already been approved by regulators.