LGIM snaps up Columbia Threadneedle's European chief

Scrimgeour will join LGIM from Columbia Threadneedle Investments, where she is currently chief executive with responsibility for the Europe, Middle East and Africa region, after having been chosen for the role through "a comprehensive, global search process".

She has nearly two decades of experience in the asset management industry after staring her career at Merrill Lynch Investment Managers before stints at BlackRock, M&G and Columbia Threadneedle.

Nigel Wilson, chief executive of Legal & General, said: "I am delighted Michelle is joining us to lead the next phase of LGIM's growth both with our existing UK clients and internationally. Her successes at Columbia Threadneedle, M&G and Blackrock clearly demonstrate that she combines a capacity for managing and growing a very substantial international asset management business with a strong focus on creating sustainable and scalable operations."

Wilson added that the new chief executive's "practical, collegiate and customer-focused" approach would further bolster the "unique culture" at LGIM.

Scrimgeour will succeed Mark Zinkula, who has been chief executive of LGIM since 2011 and last year announced his intention to retire from the company in August 2019, after working alongside him for a period in order to ensure a comprehensive handover.

Legal & General's shares were up 0.55% at 273.40p at 0820 GMT.