Former Axa executive Rossi to lead M&G
M&G, the savings and investment business, has appointed Andrea Rossi as chief executive and executive director, succeeding John Foley who will remain an adviser until the end of the year.
Mr Rossi, who will take up his position on 10 October, has a 22 year track record in the global insurance and asset management sectors, mainly through his time at AXA Group.
He was CEO of AXA Investment Managers and a member of the group executive committee of AXA Group for six years. He also held senior roles at AXA’s insurance business across Europe and internationally. Most recently he has been a senior adviser to Boston Consulting Group.
He can expect a pay and shares package worth up to £5.4m, including a base salary of £875,000, plus a pension contribution equal to 13% of salary, which may be received in part or in full in cash, which is in line with the maximum pension rate applicable to the wider workforce.
Benefits include short and long term incentive plans worth up to 250% of salary.
Under his leadership of AXA Investment Managers, assets under management increased by 55% to €800bn and AUM from external clients more than doubled. This growth was driven by a clear focus on systematically identifying and addressing client needs and through a transformation of underlying systems and processes.
He is also the co-founder of REsustain, a firm focussed 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.
Edward Braham, chair of M&G which has substantial operations in Edinburgh and Stirling, said Mr Rossi’s “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.”
Mr Rossi, CEO-elect said: “I have long admired M&G given its history, excellent investment strategies and savings solutions. 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.”