Legal & General Appoints Wadham Downing as Group M&A Director.
22 January 2013
Legal & General Group Plc today announced the appointment of Wadham Downing, as Group M&A and Strategy Director. This new position will strengthen Legal & General's merger and acquisitions capability.
Legal & General has largely driven business growth organically. In the UK our success has resulted in market leading positions in protection, annuities, investment management, and long-term savings. We had record sales in Q3 and 9 months 2012*, Legal & General Investment Management (LGIM) now manage around £400bn*, and UK and US Protection APE sales were up 30 and 33 per cent respectively*.
As stated previously, Legal & General plans to build on its evolution by combining its strength in organic growth with selected bolt on acquisitions, which satisfy rigorous financial and strategic criteria.
Commenting on the appointment, Group CEO Nigel Wilson said:
"We continue to execute our organic strategy well, delivering record sales and strong dividend and growth. We will add to this track record of delivery with a selective M&A strategy meeting strict and attractive criteria. Wadham has performed exceptionally well in the three senior finance roles he has held within the Group, this coupled with his extensive M&A experience means we have tremendous confidence in his ability to deliver results that are good for our shareholders and customers"
Notes to editors
|Financial Calendar 2012/2013||Date|
|Preliminary Results 2012||6 March 2013|
1.) Wadham Downing joined Legal & General in 2009 as Finance Director for the Protection and Annuities Division, becoming Group Financial Controller in 2010. In addition he is currently serving as interim Group Chief Financial Officer. Prior to joining Legal & General, he worked for 9 years at Britannic Group then Resolution plc where he gained broad M&A experience as firstly Head of Corporate Development at Britannic Group and then Divisional Finance Director in the first Resolution project. He is a Chartered Accountant.
2.) The Company's process to appoint a permanent Group Chief Financial Officer to replace Nigel Wilson following his promotion to Group Chief Executive Officer is proceeding according to plan.
*3.) Figures as at 30th September 2012, reference Q3 Interim Management Statement (1 November 2012), AUM £391bn.
ABOUT LEGAL & GENERAL
Established in 1836, Legal & General is a leading provider of risk, savings and investment management products in the UK. In the first six months of 2012, Legal & General's profits before tax (on the IFRS basis) were £525m, up 11% from the prior year. Earnings per share were 6.96p and dividends per share were 1.96p for the period, an increase of 14% and 18%, respectively. The Group has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans. (http://investor.legalandgeneral.com/business-description.cfm)
FORWARD LOOKING STATEMENTS
This document may contain certain forward-looking statements relating to Legal & General Group, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General's control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General Group's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this document or any other forward-looking statement it may make.
For more information please contact:
Head of Group Corporate Communications
t: +44 (0) 2031 242095
m: +44 (0) 7515 324001