The changes come in the wake of the Italian group’s purchase of US investment firm Conning Holdings, which was completed at the start of the month.

Trieste, Italy-based Generali Group has announced that Woody Bradford will become the new CEO of its asset management arm, starting in June, and group CEO Philippe Donnet, will become chairman of the board of directors.

The board also approved a new organisational structure to reflect the group’s main activities, as proposed by Donnet, the firm said in a statement. From 1 June 2024, the Generali Group said it would be operating as a diversified financial group focused on two main businesses: insurance and asset management. 

This change in structure is designed to accelerate growth and address business priorities for the insurance and asset management businesses more effectively, aligned with the ambitions of the group’s strategic plan "LifeTime Partner 24: Driving Growth.”

Generali Investments Holding (GIH), which replaces the current asset and wealth management business unit, will oversee all global asset management activities within the group, with the exception of selected operations, namely those in China, the firm added.

Bradford, who has been appointed as chief executive officer of GIH, will also maintain his current role as CEO and chair of the board of Conning Holdings. Generali Group CEO Donnet will be appointed chair of GIH. Carlo Trabattoni, current CEO asset and wealth management and CEO of Generali Investments Holding, will assume new responsibilities within the asset management area, the firm continued.  

Moreover, outside the GIH perimeter, Banca Generali, led by the CEO Gian Maria Mossa, will focus on providing financial advisory services and wealth management solutions.  

David Cis, group chief operating officer, who reports to general manager Marco Sesana, will join the group management committee, the firm said.

The insurance division led by CEO insurance, Giulio Terzariol, will drive insurance business performance across geographies, enhancing coordination, alignment and a closer proximity to markets, by adopting a streamlined organisational model.

Jaime Anchústegui, currently CEO international, has been appointed deputy CEO insurance, reporting to Terzariol, the firm said.

Within this new organisational structure, the group head office remains in charge of defining the strategy and corporate goals, while steering and supporting business areas with a tailored focus and approach.  

Generali is a large global insurance and asset management provider, present in over 50 countries worldwide, with a total premium income of €82.5 billion ($87.9 billion) in 2023. It has a strong position in Europe as well as a growing presence in Asia and Latin America.