Legal & General (L&G) has named Nigel Drury as chief risk officer for its Asset Management division, pending regulatory clearance.
In the post, Drury will oversee risk management across the unit.
His remit covers risk and governance structures, investment risk supervision and compliance for L&G’s £1.2tn ($1.6bn) asset management operation.
He will also become part of the group risk leadership team.
He is set to take up the role on 18 May, reporting to group chief risk officer Chris Knight and Eric Adler, chief executive of Asset Management.
Adler commented: “Nigel stood out for his breadth of experience and the strength of his track record. We were impressed by his combination of deep technical expertise and people-focused leadership. Nigel will play a crucial role as we deliver of the next phase of our strategy, and I look forward to welcoming him in May.”
Drury has more than three decades of experience in risk-related roles across banking, wealth and asset management.
He joins from Schroders, where he was chief risk officer. Earlier in his career, he worked at JPMorgan and ABN AMRO/RBS.
His background also includes dealings with UK regulators, including the PRA and FCA, as well as experience in board-level governance.
Drury said: “I am very pleased to be joining L&G at such a pivotal moment for the business. As a major global investor, the firm has long set the highest standard for rigorous risk management, which are crucial to delivering for clients. I look forward to working with colleagues across the organisation.”
The move comes after L&G said Emiel van den Heiligenberg would become chief investment officer of its asset management business.
Recently, Reuters reported, citing chief executive Antonio Simoes, that L&G is aiming to raise its assets under management in Asia to about $500bn as part of a wider international expansion plan.
Simoes said Asia is the company’s fastest-growing overseas market and is expected to play a key part in its goal of increasing international assets under management to more than half of the total by 2028, up from about 43% last year.
L&G currently manages $244bn for Asian clients within its global asset base of $1.6tn.
