M&G’s chief investment officer is leaving the company after more than two decades.
Jack Daniels, who oversees M&G’s £324bn asset management division, said in a memo sent to clients that he plans to retire from the business in June next year.
His departure comes amid a changing of the guard at the FTSE 100-listed firm. M&G is already looking for a new chief executive, following the announcement in April that John Foley, who has been in the job since 2015, is retiring. Foley will continue in the position until a successor is in place.
Since the demerger from Prudential in 2019, M&G has struggled to find its feet. Shares in the asset manager have fallen about 6% since then.
Foley’s replacement is likely to face pressure from investors to revisit a break-up of M&G, which has previously been mooted.
