M&G, the asset management arm of the Prudential, has poached Anne Richards, the chief investment officer of Aberdeen Asset Management, to take on the role of chief executive when Michael McLintock steps down after 19 years.
In a statement this morning, McLintock announced plans to retire later this year, saying it was "time for a change".
Richards, who has held roles at JP Morgan and Mercury Asset Managers - as well as nuclear research organisation Cern - has been on Aberdeen's board for five years, having joined in 2003 when it acquired Edinburgh Fund Managers. She'll be on a salary of £400,000, plus bonus.
Paul Manduca, chairman of Prudential's board, paid tribute to McLintock.
"He has built a fund management franchise that is a leader in its field and the envy of our competitors. Michael's experience, expertise and leadership have played an important part in the success of the group throughout his time with us."
It won't be an easy time for Richards to join the board: last week Tilney Bestinvest's bi-annual Spot the Dog report showed M&G and Aberdeen topped a list of the world's worst-performing funds, thanks to their exposure to global investments.
Former M&G flagship funds M&G Global Basics and M&G Global recovery underperformed their benchmarks by 29 per cent and 12 per cent respectively over three years. Meanwhile, 11 Aberdeen funds also made the list, due to its exposure to emerging markets.