This Exec Might Buy Your Shop and Bolt It On to a British Giant
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Friday, March 03, 2017

This Exec Might Buy Your Shop and Bolt It On to a British Giant

If you want to sell your asset management shop to a multinational giant, you might want to cross the pond and talk to Paul Miller.

Nigel Wilson
Legal & General
Chief Executive Officer
In June, Miller will join British insurer Legal & General as group strategy and M&A director, reporting directly to firm CEO Nigel Wilson, Carolyn Cohn of Reuters reports. A company spokesman tells the wire service that L&G's M&A focus is so-called bolt-on acquisitions.

Back in August, L&G CEO Nigel Wilson said that he would "like to accelerate that growth" in Legal & General Investment Management's Americas business. At the time Wilson and his team were doing a "build/buy analysis" specifically on the ETF business.

Legal & General Group (LON: LGEN) has a market capitalization of about 15 billion pounds (more than $18 billion), giving Wilson access to plenty of dealmaking cash if need be. Reuters says that Miller reports directly to Wilson.

Miller, an alumnus of Oxford, currently leads the EMEA (Europe, Middle East, and Africa) insurance unit in Goldman Sachs International's investment banking division. He worked at J.P. Morgan before joining Goldman in 2000.

L&G Investment Management (LGIM) has 853 billion pounds ($1.046 trillion) in AUM as of June 30, 2016. On this side of the pond, LGIM Americas (LGIMA) is an institutional asset manager with $137 billion in AUM. Back in 2015 former LPL president Robert Moore joined LGIMA as CEO, yet he left last year. Then LGIM veteran Aaron Meder took over as CEO of LGIMA, reporting to LGIM CEO Mark Zinkula.

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