Prudential PLC the U.K.'s largest insurer by market capitalization, is set to appoint Paul Manduca as its new chairman after a five-month search to replace Harvey McGrath, The Sunday Times and Sunday Telegraph newspapers have reported.

The Sunday Times said  that Mr Manduca, the former chief executive of Rothschild Asset Management, has been chosen by the insurer's board after a lengthy search of internal and external candidates. The board has passed his name to the Financial Services Authority, which is in the in process of vetting Manduca's credentials and past experience.

Subject to regulatory clearance, Mr Manduca's appointment could be announced as early as this week, according to the report.

Mr Paul Manduca

"As the potential chairman of the high-profile and complex insurer, not to mention the head of one of the UK’s largest fund managers in Prudential’s M&G division, the regulator must be certain that Mr Manduca has the appropriate skills to lead the board before sanctioning the appointment," The Sunday Telegraph said.

This is Money had this to say about Mr Manduca when he was appointed to the Pru Board in January last year:

"Rejoicing in the full name of Paul Victor Falzon Sant Manduca, he comes from a Maltese family of scarily high achievers.

His father set up a security business which he sold to Securicor; three of his brothers also pursued successful City careers; his wife Ursula is a top ophthalmologist and his two sons have followed him into the finance business.

As a schoolboy at Harrow, Manduca showed a precocious interest in poring over the Financial Times and was interested in the stock market while studying modern languages at Oxford.

His previous roles include running the European business of Deutsche Asset Management, manning the helm at fund managers Threadneedle and Rothschild Asset Management and a sojourn at investment trust group Touche Remnant, which was taken over by Henderson."

He was also non-executive director at  supermarket group Wm Morrison. When he joined the Morrison board in 2005, the company was in disarray following its takeover of Safeway.

Manduca was seen as having played an instrumental part in steadying the ship. He helped persuade bluff Yorkshireman Sir Ken Morrison to steer the former chief executive, Bob Stott, into retirement and to replace him with Marc Bolland, who was credited with transforming the company's fortunes.