Friends Life has appointed former Merrill Lynch chief investment officer Peter Gibbs as an independent director.
Gibbs will become a member of the board’s investment oversight committee and will take an active role in the development of the provider’s investment strategy.
Gibbs will work alongside Karl Sternberg, Derek Ross, Nick Lyons, Ian Maidens and Evelyn Bourke, who is executive director on the committee.
Friends Life chairman Sir Malcolm Williamson says: “Peter will undoubtedly play an instrumental role as we look to advance the investment processes and capabilities of the new business.”
Gibbs is a non-executive director of Intermediate Capital, Impax Asset Management and UK Financial Investments and a director of Merrill Lynch Pension Plan Trustees. He has held roles at Mercury Asset Management and pan-European trading platform Turquoise.
The appointment follows structural changes at the life and pension firm.
Last week, Friends confirmed plans to divide its operations between an open and a closed book of business, UK Heritage, which will be run by chief commercial officer Bourke and will service four million customers.