According to a statement to the London Stock Exchange, in which the L&G Group announced the completion of its acquisition of Cofunds Holdings, Cofunds’ chairman Charlie Eppinger is the latest name to leave. In January 2013, the Cofunds Platform had assets under management of £48bn.
Mr Eppinger had been at Cofunds for more than 10 years and is retiring from the board with immediate effect.
His departure follows that of chief executive Martin Davis and director of marketing Verona Smith, who said in May that she was leaving after six years to “take up a fresh challenge” in the industry.
Mark Gregory, chief executive, savings, for L&G said the purchase builds on its presence in the intermediary market, complementing its position as a savings provider.
He added: “As ownership changes to L&G, I’d like to thank Mr Eppinger publicly for his 10 years of association with Cofunds. He’s guided the platform from its early days to the highly successful, market-leading business it is today.”
Background
The £131m deal, which saw L&G buy the 75 per cent stake that it did not already own in Cofunds, was announced on 26 March 2013. It was financed out of Legal & General’s existing cash resources. The transaction valued Cofunds at £175m.
Adviser view
Mark Waters, investment manager at Skerritt Chartered Financial Planners in Brighton, said: “Cofunds needs to turn itself into a true wrap platform. Insurance companies are under pressure to find ways to develop their business, so this move could help L&G achieve this goal.”
Movers and shakers
Ongoing restructuring has already seen senior figures leave and join the merged company.
Joiners: Former Suffolk Life managing director David Hobbs announced in May that he was to become managing director, operational services, in the Cofunds business unit of L&G
Leavers: Martin Davis, Charlie Eppinger, Verona Smith
