Michelle Scrimgeour is set to join Legal & General as CEO of its £1tn investment management business.

The UK insurer told the stock exchange on Monday that Michelle will replace outgoing chief executive Mark Zinkula, following the completion of regulatory processes and her notice period with Columbia Threadneedle Investments, where she is chief executive officer for the EMEA (Europe, Middle East and Africa) region.

LGIM, one of Europe’s largest asset managers and a global investor, with total assets under management of £984.6bn, said she will work closely with Zinkula to ensure a comprehensive handover before he retires from the company later this year. Michelle will also join the board of Legal & General Group on appointment, at which point Zinkula will step down.

Commenting on Michelle’s appointment, Nigel Wilson, CEO of Legal & General, said: “I am delighted Michelle is joining us to lead the next phase of LGIM’s growth both with our existing UK clients and internationally.

“Her successes at Columbia Threadneedle, M&G and Blackrock clearly demonstrate that she combines a capacity for managing and growing a very substantial international asset management business with a strong focus on creating sustainable and scalable operations.

“Her practical, collegiate and customer-focused approach will further bolster LGIM’s unique culture, leveraging its strong synergies with the broader L&G Group, and building on the outstanding job “Zink” has done since 2011.”

Michelle, 55, has worked in asset management for close to two decades, starting her career at Merrill Lynch Investment Managers before joining BlackRock in 2006 as chief operating officer of international fixed income. She joined M&G as chief risk officer in 2012 before becoming chief executive, EMEA at Columbia Threadneedle Investments, the US-UK fund group in April 2017.

Retiring CEO for LGIM, Mark Zinkula added: “The past several years have been a period of significant transformation and growth for LGIM, guided and driven by our clear sense of purpose and unique culture.

“We are well positioned to continue our measured growth and Michelle is the perfect person to lead LGIM through its next phase. I look forward to working with her during this transition.”