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Cofunds suffers another high profile departure

Cofunds has suffered another high profile departure as Michelle Woodburn, head of fund group relations, has left the platform following its acquisition by Legal & General.

Ms Woodburn joined Cofunds in 2006.

She was previously marketing manager at UBS Global Asset Management, product development manager at Abbey National and product manager at BT Financial Group.

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Cofunds has confirmed Ms Woodburn’s departure.

She is the latest in a series of high profile exits since L&G acquired Cofunds in March 2013.

Since then, Cofunds’ chairman Charlie Eppinger quit in May as did Verona Smith, director of marketing.

Martin Davis, Cofunds’ chief executive, started the ball rolling by announcing he was stepping down at the beginning of May.

In March, Legal & General agreed to buy the 75 per cent of Cofunds that it did not already own for £131m.

The long-awaited deal values Cofunds at £175m, less than the £200m predicted when it was first reported that Legal & General was interested in Cofunds in 2011.