Prudential names Michael Falcon to lead North American business unit

0
© Reuters. Prudential names Michael Falcon to lead North American business unit© Reuters. Prudential names Michael Falcon to lead North American business unit

(Reuters) – Britain’s largest listed insurer Prudential (LON:) Plc said it had appointed JP Morgan’s Asia asset management business boss Michael Falcon to lead its North American business unit, effective Jan. 7.

Falcon, who has two decades of senior experience in the savings and retirement industry, takes over as chairman and chief executive officer from Barry Stowe, who will retire at the end of this year.

Prudential’s North American business unit includes retirement income provider Jackson National Life Insurance Company, the investment adviser Jackson National Asset Management and the institutional asset manager PPM America.

Falcon, 55, was CEO of JP Morgan Asset Management’s retirement businesses in the U.S. and has also served as head of Merrill Lynch’s Retirement Group. He began his career in commercial and investment banking at Chase Manhattan Bank in 1985.

Falcon, who will relocate from Hong Kong to the U.S., will be paid an annual salary of $800,000, Prudential said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.