Martin Davis, chief executive of Cofunds, will be stepping down following the completion of the acquisition of the platform by Legal & General.
Legal & General has appointed Chris Last as chief executive designate of its Cofunds business unit, subject to FCA approval of the appointment. Mr Last is head of strategic opportunities in the L&G savings business, of which Cofunds is a part.
Mr Last will now work with Mr Davis and the management team towards a smooth transition of ownership, with a view to the acquisition being completed in the first half of 2013.
In March, Legal & General reached a deal to buy the 75 per cent of Cofunds that it did not already own for £131m. The long-awaited deal values Cofunds at £175m, lower than the £200m predicted when it was first reported that L&G was interested in Cofunds in 2011.
Charlie Eppinger, chairman at Cofunds, said: “Martin joined us at a critical time and with a very specific challenge: to guide the development of the platform’s transition to RDR. This was an 18 month multi-million pound change programme, which had to be delivered alongside the normal strategic objectives of the business.
“After two years under his leadership, the business is successfully and profitably trading in a post-RDR environment, has grown from £35bn AUA to over £50bn AUA and is well-positioned for the future. The outgoing shareholders and management of Legal & General respect his decision, thank him for his significant contribution to the business and wish him well for the future.”
Mr Davis added: “Cofunds has successfully transitioned to RDR and is in great shape to continue to service the needs of clients which makes now the optimum time to move on as it allows for a smooth transition ahead of the deal being completed.
“I leave the platform in the extremely capable hands of Chris Last, who’ll be supported by a great team here which has the expertise and dedication to continue to evolve the proposition to meet the changing needs of clients now and in the future.”
