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Cofunds chairman Charlie Eppinger steps down as L&G completes acquisition

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Cofunds chairman Charlie Eppinger has stepped down from the Cofunds board following the completion of Legal and General’s acquisition of the platform.

In March, L&G announced it was acquiring the 75 per cent share capital of Cofunds it did not already own for a cash consideration of £131m. The acquisition valued Cofunds at £175m.

A number of senior departures have followed the deal including chief executive Martin Davis, director of marketing Verona Smith, sales and marketing director Alastair Conway and managing director of operations services Stephen Mohan.

L&G chief executive of savings Mark Gregory says: “I would like to publicly thank Charlie Eppinger for his 10 years of association with Cofunds. He has guided the platform from its early days to the highly successful, market leading business it is today.”

Cofunds business unit Chris Last says: “We have a strong and experienced executive team in place which is single minded in its focus on the job in hand, namely supporting the RDR and platform needs of Cofunds’ clients.”

Concept Financial Planning managing director Paul Richardson says: “Obviously L&G has seen the acquisition of Cofunds as the easiest and cheapest way to enter the platform market.”

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