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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.

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

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: “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.”

Informed Choice managing director Martin Bamford says: “Product providers are waking up to the reality of the RDR and are having to restructure their businesses.”

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