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L&G restructures unit trust and annuity business

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Legal & General is rolling its unit trust business into L&G Investment Management and separating out its annuity arm as part of an internal restructure.

LGIM group executive director Mark Zinkula will take on responsibility for the unit trust business, while the annuities business will become a separate business division led by managing director of annuities Kerrigan Procter.

Chief executive of the savings business Mark Gregory has been appointed group chief financial officer and will take on the role on 1 July.

L&G says Gregory has led the transformation of the savings business into an efficient asset accumulation business, growing operating profit from £7m in 2008 to £133m in 2012 and assets under administration from £46bn in 2008 to over £100bn.

L&G group chief executive Nigel Wilson says: “We continue to successfully drive our growth strategy through the five key areas of LGIM international expansion, retirement solutions, digital solutions, protection and direct investments. Mark has made a major contribution having led the successful turnaround of the savings business, implementation of our strategy for the post-RDR marketplace and auto-enrolment, and the acquisition of Cofunds.

“We have worked together very closely as part of the executive team over a number of years and I look forward to working with Mark in his new role as the executive team continues to deliver our growth strategy.”

Group executive director of protection and annuities John Pollock will assume responsibility for the savings business from 1 July.

Wilson says: “The successful turnaround of the savings business now enables us to re-organise our business in a way which best reflects customer needs and the increasingly digital distribution environment of RDR, auto-enrolment and platforms.

“Customers want straightforward access to our products and services and the new structure will enable us to deliver this and maximise the synergies between our businesses.”

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