Investment and wealth manager M&G has hired ex-AXA IM CEO Andrea Rossi to be its next chief executive on a package potentially worth over £5m a year.

Fund manager and wealth manager M&G has reported a £21.1bn drop in assets under management and administration to £348.9bn for the first half of 2022.

The board of fund manager M&G has launched a hunt for a new chief executive to replace long-serving John Foley who plans to retire.

M&G’s Financial Planning arm M&G Wealth saw net client outflows of £1.4m for the year ending 31 December 2021.