M&G Wealth hires ex-Abrdn exec Connellan as CEO

Caroline Connellan

Investment firm M&G plc announced the appointment of Caroline Connellan as the CEO of M&G Wealth, subject to regulatory approval.

Connellan is the former CEO of Abrdn Personal 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,” said M&G.

“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. ”

M&G group CEO Andrea Rossi 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.”

Connellan 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.”