Cofunds chief executive Chris Last is to retire after just four months in the role.
Last joined Cofunds as chief executive in May following the departure of Martin Davis in the wake of the acquisition by Legal & General.
Prior to Cofunds, Last was L&G head of bank and building society relationships. He had been with the insurer since 1972 and in a number of different roles.
Last will be replaced by Cofunds managing director David Hobbs who joined from Suffolk Life in May.
Last says: “I have had a fantastic career at L&G, and I would not change any of it. With the successful integration of Cofunds into L&G now complete, I believe the time is right for me to retire.”
Hobbs says: “I look forward to building on Cofunds’ early successes, completing the integration Chris has initiated, as I help guide the platform through its next stage of growth and development.”
Chelsea Financial Services managing director Darius McDermott says: “This is a very strange situation. I do not know why L&G would appoint a chief executive for such a short space of time. It would have made more sense to keep Martin Davis in the role for this period. This only serves to create further uncertainty for Cofunds and its clients.”
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.
The acquisition was followed by a number of senior departures including chairman Charlie Eppinger, chief executive Martin Davis, head of operational services Stephen Mohan and director of marketing Verona Smith.