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L&G set for offshore division

Legal & General is recruiting a chief executive to set up and run a new offshore division based in Dublin, Money Marketing understands.

The firm has made no secret in the past of its aim to eventually enter the offshore arena but has never committed to a timescale for entry or released any further details of its plans.

But Legal & General is now understood to be actively seeking a CEO for a Dub- lin-based offshore branch and the provider is expec- ted to launch an offshore insurance bond from the new base.

Offshore insurance bonds are the most noteable exception to L&G’s current product range and it is thought that the company aims to launch an offshore single-premium bond, which will be sold back into the UK.

L&G is also believed to be setting up a range of feeder funds through Jersey and Guernsey to enable its most popular funds to be sold via these offshore centres.

Friends Provident International manager internat-ional marketing Chris Holland says: “I am not surp- rised if any company looks at the international arena as it such a growing mar- ketplace.

“From our perspective, if the news is true, then we would relish the competition from wherever it comes. There is definitely room for more players.”

L&G declined to comment.

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