One of Aberdeen Asset Management’s most senior bosses is set to take over the reins at M&G Investments after the retirement of its chief executive.

Anne Richards, chief investment officer for Aberdeen, will replace Michael McLintock , who has decided to step down as chief executive of M&G and as an executive director of Prudential.

Ms Richards, whose current role involves responsibility for operations in Europe, the Middle East and Africa, said: “I am delighted that I have the opportunity to lead M&G, which is a world-class business. I look forward to working with the team to continue building the business and leading the next phase of M&G’s development.”

She has held senior roles at JP Morgan Investment Management, Mercury Asset Management and Edinburgh Fund Managers, which was acquired by Aberdeen Asset Management in 2003.

Mr McLintock said: “I am absolutely delighted to be handing the reins to Anne. I have loved running M&G, but after 19 years I feel strongly that it’s time for a change. M&G is a special business.

“I would like to thank all of my colleagues for their support and hard work over so many years. I have no doubt whatsoever that M&G will flourish under Anne’s leadership and I wish her and the team every possible success.”

Congrats @annerichards16 Will be sad to see you go but delighted for you to have such a fantastic opportunity https://t.co/Pp5et9bc4c

— Martin Gilbert (@MartinGilbert83) February 1, 2016

Mike Wells, group chief executive of Prudential, said: “I would like to thank Michael for his exceptional contribution to M&G over the last two decades. Under his leadership M&G has grown to become one of Europe’s largest fund managers by offering innovative investment solutions to meet the needs of our customers and clients. I wish him all the very best for the future.

“I am delighted that a person of Anne’s talent is joining the Group and I look forward to working with her. Anne will be able to deploy her leadership skills and exceptional knowledge of the global asset management industry to provide the best possible outcomes for our customers, clients and shareholders.“

Paul Manduca, chairman of Prudential, said Mr McLintock built a fund management franchise that is “a leader in its field and the envy of our competitors”.

He said: “Michael’s experience, expertise and leadership have played an important part in the success of the group throughout his time with us.”

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