M&G Prudential loses exec Anne Richards to Fidelity in shock for City

Exit: M&G chief Anne Richards has resigned from the fund management company

Michael Bow27 July 2018

M&G Prudential lost high-flying boss Anne Richards on Friday after she stunned the City by jumping ship to rival fund manager Fidelity International.

Richards, a nuclear physicist by training, will take up the chief executive role at the family-owned company in December. She will report to chairman Abigail Johnson, granddaughter of Fidelity founder Edward Johnson.

Fidelity International is owned by the Johnson family and based in Bermuda. It manages £235 billion, while M&G handles £350 billion.

Richards’ pay at Fidelity has not been disclosed as it is a private company unlike Pru.

Richards, who will remain in London, earned £3 million last year, according to Pru accounts.

Pru will shake-up the leadership of M&G Prudential in response to her exit. Chief executive John Foley will take over responsibility for M&G Investments, the powerhouse fund manager within the group, and Pru UK head Clare Bousfield will become chief financial officer.

The unit is set to be spun off from parent Prudential and listed on the FTSE 100 by 2020. Pru chief Mike Wells said the leadership changes will “deliver better outcomes”.

M&G Investments was previously run arms-length from the Pru under chief executive Michael McLintock, replaced by Richards, left, in 2016.