Connellan will oversee M&G‘s multi-channel wealth division, which includes investment solutions, financial advice, and adviser services, including the M&G wealth platform.

It currently manages £85bn ($108bn) in assets.

The company has a working partnership with more than 3,000 advising businesses in addition to working with about 500 of its own experts.

Connellan has over 25 years of expertise in the retail financial services industry and a proven track record of establishing wealth management companies with an emphasis on client service.

With Newton Investment Management, Connellan started her career as a private client investment manager.

During her eight years with McKinsey, she earned substantial consulting experience in the areas of insurance, asset management, and wealth.

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She formerly held the positions of CEO and executive director of the wealth management Brooks MacDonald Group plc as well as CEO of abrdn personal wealth.

Over the course of her professional career, Connellan held an array of senior positions, including group strategy director at Standard Life and head of UK premier and wealth at HSBC.

In September 2023, Connellan will settle in and join the executive committee of M&G, reporting to Andrea Rossi, the group CEO.

Andrea Rossi, group chief executive officer, M&G plc 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.’’

Connellan, incoming CEO of M&G wealth added:

“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.”