The appointment, to begin in September, is subject to regulatory approval.

Ms Connellan will lead M&G’s multi-channel wealth business which encompasses financial advice, adviser services including the M&G Wealth Platform and investment solutions.

M&G Wealth has £85bn in AUM and the business has 500 advisers and an active relationship with more than 3,000 advice firms.

Ms Connellan has more 25 years’ experience in retail financial services, most recently as chief executive of Abrdn Personal Wealth and chief executive and executive director of wealth manager Brooks Macdonald Group.

She was previously head of UK Premier and wealth at HSBC and group strategy director at Standard Life and spent eight years with consultants McKinsey. She began her career as a private client investment manager with Newton Investment Management.

Andrea Rossi, group chief executive, M&G plc said: “I have clear ambitions to grow our wealth business, broadening our investment offering, delivering an end to end proposition and making PruFund more accessible to clients. I am confident that Caroline’s commercial drive, client-focused approach, energy and leadership will be instrumental in helping us deliver on our ambitions.”

Caroline Connellan, said: “It’s now more important than ever for people to be able to secure their financial future in a way that is tailored to them and M&G is well-placed to meet the needs of both clients and advisers."

M&G Wealth has faced upheaval in recent times with managing director David Montgomery set to leave the business in August.

M&G Wealth did not give any reason for Mr Montgomery’s departure but said a search for his replacement is under way.

In June it was revealed that Clare Bousfield, the chief executive of retail and savings at parent company M&G plc, will step down in the autumn. The company said it planned to create two new dedicated chief executive roles to lead its wealth and life insurance businesses.

Recently M&G announced it was axing 200 jobs, about 4% of the 5,000 total workforce. The jobs will be lost through voluntary redundancies.