LONDON (Alliance News) - Legal & General Group PLC on Thursday tasked Jackie Noakes with improving the profitability of its underperforming Cofunds investment platform.
The group said Noakes will lead its GBP105 billion savings business, as chairman of Cofunds and managing director of savings.
Cofunds, which partners with over 17,500 advisers on behalf of 800,000 customers, is in the business of delivering "modern" savings products. The investment platform, which serves financial advisers and other financial institutions, has assets under administration of GBP73.1 billion.
Legal & General acquired the 75% of Confunds it didn't already own in 2013 for GBP131.0 million, in a deal which valued the business at GBP175.0 million. Group Chief Executive Nigel Wilson said Cofunds has not lived up to Legal & General's expectations, and tasked Noakes with improving the platform's profitability and customer service.
"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 [group's] mature savings business, and in her previous role as Legal & General's chief information officer," Wilson said.
Prior to joining Legal & General in 2007, Noakes held senior IT roles at American Express and worked for financial services companies, including the Bank Of Ireland, Firemans Fund, Blue Cross & Blue Shield and Royal & Sun Alliance.
Noakes said: "To succeed in the digital world platforms need size and scalability, brand recognition, customer focus, and great products at low prices. Cofunds has these building blocks in place. I relish the challenge of leading Cofunds, improving its profitability, and growing its customers and assets. My goal will be to ensure that Cofunds realises its true potential in the savings market."
Shares in Legal & General Group were down 1.1% at 234.80 pence on Thursday late morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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