Mr Pinto has 30 years of experience in asset management, financial services and consulting.

He joins M&G from rival firm Natixis Investment Managers where he was head of distribution and investment solutions for EMEA, APAC and LATAM and global chief operating officer.

He previously worked at AXA Investment Managers for 13 years where he held senior positions, including global chief operating officer, global head of markets & investment strategy and head of business development for South Europe and the Middle East.

At M&G he will look after all investment capabilities including the equity, fixed income, multi asset, private and alternative asset strategies. He will also manage distribution, operations and proposition management across the asset management business.

Mr Pinto will join M&G in March and will become a member of M&G's executive committee, reporting to group chief executive Andrea Rossi. He is succeeding Jonathan (Jack) Daniels who announced in July 2022 his intention to retire following 21 years with the business.

The appointment is subject to regulatory approval.

Andrea Rossi, group chief executive, M&G plc said: "M&G's purpose is to help people manage and grow their savings and investments responsibly.  Joseph brings to M&G a profound understanding of client needs and how they have evolved through changing economic conditions.  He has a strong record of delivering on strategic ambitions in investment management, and I am confident his combination of commercial vision and pragmatic leadership will help transform how M&G delivers value to its clients and other stakeholders."

Mr Pinto said: "The breadth of M&G's active asset management capabilities combined with its strong balance sheet, has long provided innovative solutions for clients. I look forward to leading their respected investment teams to drive M&G's international growth and sustainability agenda, while providing excellent outcomes for clients."

M&G has around 5 million retail customers and more than 800 institutional clients in 28 markets. As of June 2022, it had £348.9 billion of assets under management and administration.