M&G appoints Caroline Connellan as new Wealth CEO

M&G plc, the leading international saving and investment business, today announces the appointment of Caroline Connellan as the Chief Executive Officer of M&G Wealth.*

Caroline will lead M&G’s multi-channel wealth business which encompasses Financial Advice, Adviser Services including the M&G Wealth Platform, and Investment Solutions. It currently has c£85bn assets under administration. The business works with c500 of our own advisers, and has an active relationship with more than 3,000 advice firms.

With over 25 years’ of experience in retail financial services, Caroline has a track record of transforming and growing wealth management businesses with a strong customer-centric focus. Most recently, she was CEO of abrdn Personal Wealth, and CEO and Executive Director of wealth manager Brooks Macdonald Group plc.

Throughout her career, Caroline has held a number of senior positions, including Head of UK Premier and Wealth at HSBC and Group Strategy Director at Standard Life. She gained extensive consulting experience across wealth, asset management and insurance in her eight years with McKinsey. Caroline began her career as a Private Client Investment Manager with Newton Investment Management.

Caroline will join in September 2023 and become a member of M&G’s Executive Committee, reporting to Group Chief Executive Officer, Andrea Rossi.

Andrea Rossi, Group Chief Executive Officer, M&G plc 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. She brings a relentless focus on clients and advisers, and significant experience in creating innovative products and services to meet their changing needs.

“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.”

Caroline Connellan, incoming CEO of M&G Wealth said:
“I am excited to be joining M&G to lead its Wealth business. 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.

“M&G is a leading provider of innovative wealth solutions and services, helping people manage and grow their savings. I am looking forward to working with the team to build on this – shaping the Wealth business for the future, expanding our range of compelling products and services, and strengthening our relationships with clients and advisers.”

*Subject to regulatory approval.

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Media enquiries

Louise Bryans

M&G Media Relations

020 8162 4592

07733 315139

Louise.bryans@mandg.com

Notes to editors

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David Montgomery MD M&G Wealth will leave his role at the end of August.

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Photo available on request

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Jan 2022 –Current Boston Consulting Group
Senior Advisor, Asset and Wealth Management

Oct 2021 – Oct 2022 abrdn plc
CEO Personal Wealth

Apr 2017 – Oct 2021 Brooks Macdonald plc
CEO and Executive Director

2012 – 2017 HSBC plc, Retail Banking and Wealth Management
2014 – 2017 Head of UK Premier and Wealth
2012 – 2014 Regional Head of Business Performance, Europe

2008 – 2012 Standard Life plc
2011 – 2012 UK Customer Services Director
2008 – 2011 Group Strategy Director and Head of CEO Office

2000 – 2008 McKinsey & Co
Management Consultant

1997 – 2000 Newton Investment Management
Discretionary Investment Manager

OpenAbout M&G plc

M&G plc is an international savings and investments business, managing money for around
5 million retail clients and more than 800 institutional clients in 26 markets. As at 31 March
2023, we had £344 billion of assets under management and administration. Our purpose is
to help people manage and grow their savings and investments, responsibly.

With a heritage dating back more than 170 years, M&G plc has a long history of innovation
in savings and investments, combining asset management and insurance expertise to offer a
wide range of solutions. We serve our retail and savings clients under the M&G Wealth and
Prudential brands in the UK and Europe, and under the M&G Investments brand for asset
management clients globally

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M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.