Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Technology > Investment Platforms > Turnkey Asset Management

UK’s Prudential Names Manduca as New Chairman

By Associated Press

X
Your article was successfully shared with the contacts you provided.

LONDON (AP)—U.K. insurer Prudential PLC has named Paul Manduca as chairman, succeeding Harvey McGrath, who is retiring.

Manduca has been an independent non-executive director of Prudential since October 2010, and became senior independent director in January 2011. Prior to that, he founded Threadneedle Asset Management and served as chief executive at both Rothschild Asset Management and Deutsche Asset Management.

Prudential said Monday that Manduca will assume his £600,000 ($941,000) a year role on July 2, taking over from McGrath, who had weathered criticism over Prudential’s failed £22 billion bid for Asian insurer AIA in 2010.

Manduca will step down from his position as chairman of Aon UK Ltd. “as soon as possible” and reduce other commitments in order to make the insurer his primary focus, Prudential added.

Manduca had been charged with leading the search for McGrath’s replacement after the chairman announced plans to retire in 2010. Manduca had initially ruled himself out of the process but eventually handed the reins of the search over to a fellow board member after he was invited to put his name forward for the role of chairman.

In a statement, Manduca praised the leadership of Chief Executive Tidjane Thiam for helping the company generate strong returns for shareholders, despite the challenging macroeconomic climate, and said he is excited about his new role.

Thiam in turn said Manduca’s “talents, abilities and judgment will be great assets” and thanked McGrath for all he has done for the company in the three-and-a-half years he served as chairman.

Prudential said that Manduca’s appointment has been approved by Britain’s Financial Services Authority and will be followed by the appointment of a new senior independent director.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.