Prudential has moved to strengthen oversight of its investments by appointing group chief risk officer John Foley to the new role of group investment director.
Foley will be responsible for ensuring stronger group oversight of financial investments. He takes up the new post with immediate effect and will remain on the Prudential Board, reporting to the group chief executive, Tidjane Thiam.
Foley was appointed chief risk officer in 2010 and has previously worked at National Australia Bank and Hill Samuel & Co.
Pierre-Olivier Bouée, who is currently managing director CEO office, will take over as group chief risk officer.
Business representative for Asia, and a member of the Board of Prudential Corporation Asia, Bouee joins the group executive committee, reporting to the group risk committee chariman Sir Howard Davies and to the group chief executive.
Davies says: “These appointments underline the Board’s commitment to effective risk management and to stronger oversight of our growing global investment portfolio. I look forward to working with Pierre-Olivier in his new role.”
Thiam says: “The growing size of the group, coupled with the increase in global market volatility since the financial crisis, means that it is appropriate to create a new senior role of group investment director to continue to strengthen group oversight of our £405bn of assets under management.
“I am pleased that John has agreed to take on this position. Pierre-Olivier brings to the role of group chief risk officer a deep understanding of Prudential and its business units as well as an outstanding record of strategic insight and project delivery in his previous roles.”
Foley says: “The sustained outperformance of the investments we have made on behalf of our customers during the recent challenging market conditions has been one of the group’s great strengths. I will be looking to build on those strengths while continuing to ensure that our customers’ money is invested prudently and without inappropriate risk.”