Britain's M&G says chief investment officer Daniels to retire

LONDON (Reuters) - Jack Daniels, the chief investment officer of British asset manager and insurer M&G, intends to retire, M&G said on Wednesday.

Daniels, who is also managing director for asset management at M&G, will retire in June 2023. He has worked for 21 years at M&G and its former parent Prudential, M&G said in a statement.

Daniels' departure follows that of chief executive John Foley, who announced his plan to retire in April.

"Since becoming CIO in 2019, Jack has been instrumental in our investment teams, delivering strong performance for our clients and enabling M&G to maintain its reputation for active investment across both public and private asset classes," Foley said in a statement.

M&G split off from Prudential in 2019. The company reported a 9% drop in 2021 operating profit to 721 million pounds ($868.23 million) but launched a 500 million pound buyback programme as capital generation beat targets.

M&G appointed Edward Braham as its new chair in March.

The Financial Times reported the news of Daniels' departure earlier on Wednesday.

($1 = 0.8304 pounds)

(Reporting by Carolyn Cohn; editing by David Evans)