PlatformsMay 15 2013

Update: Cofunds hires Hobbs as Smith exits

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Cofunds has hired Suffolk Life’s David Hobbs as managing director of operational services as the group’s director of marketing Verona Smith became the latest to leave the platform after Legal & General took full ownership last month.

Mr Hobbs will take on the role in what will become the Cofunds business unit within Legal & General’s Savings Division. Stephen Mohan recently quit the post and is set to join Allfunds Bank later this year.

At Suffolk Life Mr Hobbs was responsible for both the Investor Portfolio Service and Retail Savings Operations before becoming managing director three years ago.

Cofunds said he and Mr Mohan would work together to “ensure there’s a smooth handover with no disruption to our operations”.

The hire comes on the same day Ms Smith announced she would leave after six years at Cofunds. A statement from the platform said she would “take up a fresh challenge in the industry”.

Chief executive Martin Davis, who has also announced his departure from Cofunds, said: “Although Verona will be leaving Cofunds, the mark she’s made on the business is a lasting one. [We] would like to thank her for the great work she has done and to wish her every success for the future.”

Ms Smith’s departure also follows those of head of sales and marketing Alastair Conway, who left in January to join James Hay.