L&G savings head becomes Cofunds chair

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Legal & General has promoted Jackie Noakes as managing director of its savings business and chairman of platform Cofunds.

Noakes, who joined L&G in 2007, was previously managing director of the mature savings division.

The insurer split its savings arm into mature and digital as part of a restructure of the life and pensions business in November 2014.

Cofunds was put up for sale last year but a deal with AJ Bell collapsed in November.

L&G group chief executive Nigel Wilson says: “Jackie’s outstanding data technology skills means it is excellent news for Cofunds and its customers that she has become its new chairman.

“She has done a terrific job running the mature savings business, and in her previous role as L&G’s chief information officer. Cofunds financial performance has been below our expectations, however Jackie’s digital skill set will be key to improving Cofunds’ scalability, leading to greater profitability and better customer service.”

Noakes says: “I relish the challenge of leading Cofunds, improving its profitability, and growing its customers and assets. My goal will be to ensure Cofunds realises its true potential in the savings market.”

The business has assets under administration of £105bn.