M&G is looking for two CEOs to lead its Wealth and Life Insurance businesses after announcing that the head of retail and savings will he leaving in the autumn.

Clare Bousfield has led the division since the summer of 2021. She was previously chief financial officer, helping to oversee the company’s market listing following its split from Prudential.

In a statement, the company said Ms Bousfield has played an “integral role in the M&G journey over the last seven years in a number of key leadership roles.

“She was instrumental in the demerger, the transformation of PRU UK and in establishing the foundations for our success. Over the last two years she has played a key role in driving our retail and savings business forward.”

New group CEO Andrea Rossi, said he was “incredibly grateful for Clare’s hard work and support during her career with Prudential and M&G and wish her every success for the future.”

The company will create two dedicated CEO roles to lead the Wealth and Life Insurance businesses and it is thought David Montgomery, the Scotland-based managing director of M&G Wealth, could be in the frame. He was brought back from the US in 2020 to join the company and build the division.

In a trading update this morning M&G reported progress towards delivering its targets, although first quarter performance was flat.

Mr Rossi said: “At full-year results we identified three priorities for the group:  maintain financial strength through capital discipline, simplify the business, and deliver profitable growth focusing on Asset Management and Wealth.

“I am pleased to say we have made good progress on each of those fronts and are on track to deliver on our ambitious targets.”

First quarter assets under management at the London-based fund manager came in at £344bn in the three months to 31 March against £342bn at the end of 2022 while its solvency 11 ratio edged higher to 200% from 199%.

Net client inflows of £0.4 billion absorbed expected redemptions from UK institutional clients that were triggered in September 2022 by the ‘mini-budget crisis’, which were highlighted in the full-year results.

M&G said 200 staff had accepted voluntary redundancy as it looks to achieve its cost savings targets.