M&G names former Axa boss Andrea Rossi as its new CEO

M&G has appointed Andrea Rossi as its next chief executive and executive director.

Rossi will take up his new position on 10 October, succeeding John Foley in the role.

Foley announced his intention to retire after seven years at the helm earlier this year in April.

He remain at M&G in an advisory capacity until the end of the year, in order to ensure an orderly transition.

The new chief executive has is joining from Boston Consulting Group, where he works as a senior adviser.

He will step down from this role following his appointment at M&G.

Rossi is also the co-founder of REsustain, a firm focused on reducing the carbon intensity of commercial property, where he will remain as a non-executive director.

The appointment has been approved by the PRA and FCA.

Rossi has a 22 year track record in the global insurance and asset management sectors, mainly through his time at AXA Group.

He was chief executive of AXA Investment Managers and a member of the Group Executive Committee of AXA Group for six years.

Under his leadership of AXA Investment Managers, assets under management increased by 55 per cent to €800bn and AUM from external clients more than doubled. 

Edward Braham, chair of M&G, said: “We are delighted to announce the appointment of Andrea Rossi as chief executive of M&G. His deep experience in both global asset management and insurance is an ideal fit for M&G. He is an inspiring and proven leader with a strong track record of delivering profitable growth and outstanding client outcomes.”

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