Legal & General International has recruited David Fagan to head its Dublin business and will be launching two offshore products this year.
Fagan joins as chief executive officer from the Irish Life and Permanent Group, where he has worked for the past 25 years and has been chief executive of its cross-border life company Irish Life International since 1998.
Legal & General confirmed in March this year that it would start an international life company this year operating from Ireland.
Money Marketing revealed the launch last October when it reported that Legal & General was recruiting a chief executive to set up an offshore division based in Dublin.
L&G International, which will be launched in the second half of this year, will initially sell an international portfolio bond and an international discounted gift scheme targeted at UK investors.
The move follows L&G’s launch last year of its open architecture products portfolio bond and portfolio plus pension.
Legal & General managing director of individual wealth Simon Pistell says: “As one of the biggest UK asset management companies and most successful UK life portfolio bond providers, last year, our move into the international market is a key step to further growth in the high-net-worth arena.”
Fagan says: “I look forward to working with the team to finalise the regulatory approval process and to launching our first products later this year.”