Legal & General Group (L&G) has appointed Michelle Scrimgeour as the new chief executive of its €1.1trn asset management arm, succeeding Mark Zinkula.

Scrimgeour is currently CEO for Europe, the Middle East and Africa (EMEA) at Columbia Threadneedle Investments, where she has worked since 2017. 

Zinkula announced his retirement from Legal & General Investment Management (LGIM) in May 2018, and is scheduled to step down in August this year.

In a statement announcing Scrimgeour’s appointment, L&G said she would take up her new role “following the completion of regulatory and other formalities” and would work with Zinkula for a period to transition the business. Scrimgeour will also join L&G’s board, the company said. 

Ted Truscott, CEO at Columbia Threadneedle, said: “During her time at Columbia Threadneedle Michelle led our EMEA business through a period of change and challenge, as we responded to the evolving needs of our clients, regulatory changes and an uncertain political and economic backdrop.

Michelle Scrimgeour

Michelle Scrimgeour

“Her clarity and long-term focus have helped us strengthen our strategic vision for Columbia Threadneedle globally and within the EMEA region. We wish Michelle every success in the future and thank her for her contribution while at Columbia Threadneedle.”

Truscott added that Scrimgeour would remain at Columbia Threadneedle “for the next few months” to manage the transition “as we determine our longer term plans”. 

“We have an excellent team in place and remain focused on delivering for our clients,” Truscott said.

Zinkula has led LGIM since 2011, during which time it has become one of the biggest asset managers in Europe. According to IPE’s 2018 Top 400 Asset Managers survey, it was the second biggest manager of institutional assets in Europe, overseeing €807.8bn.

Scrimgeour joined Columbia Threadneedle from M&G Investments at the start of 2017. At M&G she was chief risk officer. She previously held senior roles at BlackRock and its predecessor firms Mercury Asset Management and Merrill Lynch Investment Managers.