Cofunds marketing head exits L&G

Cofunds marketing head exits L&G

Stephen Wynne-Jones is exiting Legal & General at the start of 2017.

Mr Wynne-Jones, who was head of marketing at Cofunds from September 2009 to March 2016 before taking on the role of head of corporate communications for L&G, has confirmed he is leaving the platform’s parent company at the end of December.

His exit comes just three months after Legal & General agreed to sell Cofunds to Aegon in a £140m deal, ending months of speculation about the future of the platform.

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Mr Wynne-Jones said: “After seven fantastic years, I am leaving Legal & General and Cofunds and looking for a fresh challenge from 1 January 2017.

"I was supposed to leave earlier in the year but agreed to stay on to oversee the internal and external communications re: with the sale of Cofunds to Aegon.

"As for my next move, I have a few irons in the fire and am hoping to stay in the industry."

Mr Wynne-Jones was responsible for all aspects of corporate, channel and internal marketing for the UK's largest general investment platform. 

His role extended to communications, brand strategy, and campaigns and promotions.

FTAdviser first reported that Aegon was a potential buyer of Cofunds back in February, and several market commentators heralded the move as “game-changing”.

L&G purchased Cofunds for a cash consideration of £131m back in March 2013.

According to the L&G’s results, Cofunds was hit by outflows of £700m during the first six months of the year.

The sell-off includes the Investor Portfolio Service platform, as well as Cofunds’ retail and institutional business.

Aegon expects to generate a yearly cost saving of £60m across its UK business through the deal.