The UK-headquartered asset management group, which operates in a number of jurisdictions including Singapore, has a new chief financial officer.

UK-listed M&G has appointed Marcello Arona as its chief financial officer for the asset management arm. He succeeds Sean Fitzgerald, who has retired.

Arona, who has more than two decades’ experience in the asset management field, will be responsible for M&G Investments global financial operations and implementing its financial strategy, the firm said in a statement.

Prior to this, Arona was CEO for AXA Investment Managers UK and AXA IM GS. 

In his new job, Arona reports to M&G CEO Kathryn McLeland and works with the chief executive of M&G Investments, Joseph Pinto, as a leadership team member.

M&G has been through a testing period in recent years. In early September 2024, the firm reported an IFRS loss after tax of £56 million ($68.3 million) for its half-year period to end-June, contrasting with a profit of £75 million in the same period for 2023. Adjusted operating profit stood at £375 million, up from £390 million. The firm also sustained a £1.5 billion outflow in the half-year period of 2024. As of 30 June 2024, M&G had £346.1 billion in assets under management.