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Martin Davis to leave Cofunds

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Cofunds chief exec Martin Davis

Cofunds chief executive Martin Davis is leaving the business following Legal & General’s acquisition of the platform. 

Davis will be replaced by L&G managing director of banks and building society partnerships Chris Last.

Legal & General acquired the 75 per cent of Cofunds it did not already own in March for £131m, following months of negotiation between the businesses.

Davis joined Cofunds as chief executive in April 2011 from multi-tied network Openwork.

Last month, Money Marketing revealed Cofunds managing director of operational services Stephen Mohan had quit to join Allfunds UK.

Davis says: “Cofunds has successfully transitioned to the RDR and is in great shape to continue to service the needs of clients which makes now the optimum time to move on as it allows for a smooth transition ahead of the deal being completed.”

Cofunds chairman Charlie Eppinger says: “Martin joined us at a critical time and with a very specific challenge – to guide the development of the platform’s transition to RDR. This was an 18-month, multi-million-pound change programme, which had to be delivered alongside the normal strategic objectives of the business.

“After two years under his leadership, the business is successfully and profitably trading in a post-RDR environment, has grown from £35bn AUA to over £50bn AUA and is well-positioned for the future.”

The Platforum managing director Holly Mackay says: “I do not think the exit of a chief executive post-acquisition is surprising and I am sure there may be more changes still to play out. What is more interesting is that the successor is someone from an L&G background, rather than a broader market platform background. This could be taken to suggest a certain future direction of travel.”

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