Wealth departure

M&G exits continue as marketing director quits

Ella Hugh
Ella Hugh: stepping down

M&G Wealth’ has lost another senior executive after its director of proposition and marketing Ella Hugh announced she is leaving after just eight months in the role. 

An M&G spokesperson told Citywire she has “decided to step down from her role at the end of March to pursue opportunities outside of M&G.”

Ms Hugh joined the division last August after more than seven years at Abrdn, where she began as global product development manager. She was one of three recruits from the Edinburgh-based asset manager.

She went on to become global chief of staff and head of client proposition. She had previously been at Aviva for nearly nine years. 

Her exit is the latest in a line of high-profile departures from M&G Wealth. Last May, former sales director Justin Blower left to join Schroders Personal Wealth, and chief executive David Montgomery, who had been lured back to the UK from the US to take on the role, left in August and joined Aviva. Clare Bousfield, who was CEO of retail and savings and in charge of M&G Wealth’s expansion, also departed.

M&G Kildean
M&G moved into new offices in Stirling

Ms Bousfield was replaced by Caroline Connellan, the former CEO of Abrdn’s personal wealth division, who became the division’s CEO last September.

It has been reported that the M&G Wealth Platform, formerly Ascentric, is up for sale following M&G’s strategic review of its wealth arm. 

The division, which includes three advice networks, recorded a £19m loss in the first half of 2023.

There is speculation that Andrea Rossi, who took over as group CEO last year, will oversee a further shake-up or even break-up of the business which has offices in Edinburgh and Stirling.

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