A new CEO has been named at London-headquartered M&G Investments, the UK and European asset management arm of Prudential.

Aberdeen Asset Management's chief investment officer, Anne Richards, is leaving the company to become chief executive of M&G Investments.

Richards, who joined London-listed Aberdeen back in 2003, became a member of the board in 2011 and has led operations in Europe, the Middle East and Africa, alongside her role as CIO. Subject to regulatory approval, she will replace Michael McLintock who is retiring after almost 20 years at the helm of M&G Investments. During his tenure, McLintock oversaw M&G's acquisition by Prudential in March 1999.

“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," said Mike Wells, group CEO of Prudential, in a statement.

“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.“

Following her departure, Aberdeen's global head of alternatives, Andrew McCaffery, will take over Richards' role as head of the company's solutions business, which covers multi-asset, alternatives and quantitative investment capabilities. He will report to Hugh Young who heads up the equities, fixed income and property businesses. Meanwhile, Andrew Laing, Aberdeen's deputy chief executive, will take over responsibility for operations in the EMEA region.

“Anne has been an exceptional contributor to Aberdeen throughout her many years with the Company. Her outstanding knowledge of the asset management industry and her proven abilities as a leader have played a key part in the growth of our business over the last 13 years,” said Aberdeen's chief executive, Martin Gilbert, in a separate statement on the London Stock Exchange.

“While we are sorry to lose Anne we are also delighted that one of our colleagues should have been appointed to such an important role in the industry.”

Last week, Aberdeen Asset Management revealed it had suffered net outflows of £9.1 billion ($13 billion) in the final quarter of 2015 but managed a 2 per cent rise in assets under management to £290.6 billion. At the same time, the company announced Roger Cornick is to retire after seven years as chairman at the end of September. He will be succeeded by senior independent non-executive director Simon Troughton.