Paul Miller to become MD, Principal Investing within Legal & General Capital

Legal & General is pleased to announce that Paul Miller, Group Strategy and M&A Director will take up the new role of Managing Director, Principal Investing in Legal & General Capital (LGC).

Legal & General is pleased to announce that Paul Miller, Group Strategy and M&A Director will take up the new role of Managing Director, Principal Investing in Legal & General Capital (LGC).

Paul will report to LGC’s CEO, Kerrigan Procter and will join the Executive team and Investment Committee of Legal & General Capital.

LGC is a growth business within Legal & General Group and also delivers strong cross-group synergies, investing the Group's own balance sheet and working closely with other divisions to source and develop investment opportunities and assets for the broader Group and its clients.  At 30 June 2018, LGC’s direct investment portfolio was £2bn, with areas of focus including future cities, housing, venture capital and SME financing.

Paul will lead Legal & General Group's venture capital investment activities, its SME finance investment via Pemberton, and LGC’s role in Build-to-Rent housing. Collectively, LGC has committed investment of over £750m in these sectors with a current portfolio of approximately £450m invested to date.

In Venture Capital and SME financing, L&G has committed capital to support start-up businesses across the UK through existing Venture Capital managers and direct stakes in innovation and growth companies strategically aligned with our business. Under Paul’s leadership, this strategy will continue to evolve as we look to deploy more of our own funds, and by working with the British Business Bank and others, we will help deploy the pension funds of the UK population into Venture Capital and Growth investing.

In the UK build-to-rent housing market, Legal & General is seeking to help create a new institutional asset class. Legal & General Capital works closely with Legal & General Investment Management (LGIM) in the build-to-rent segment with LGC providing the development capital to fund attractive new-build developments across the UK and aim to have 6,000 build-to-rent homes in planning, development or operation by the end of 2019, up from 3,000 at the half year 2018.

Legal & General will announce a new Group Strategy Director in due course.

Nigel Wilson

Paul has done a terrific job as Group Strategy and M&A Director. His strategic oversight has added focus across the Group, driven cross-divisional collaboration and helped articulate our really compelling narrative. I’m delighted Paul has taken this important role where he will bring these clear strategic and execution skillsets to bear, driving growth in profits and shareholder value by investing patient capital in much needed housing and business start-ups and scale-ups.

Nigel Wilson, Group Chief Executive

For further information

Kevin Carr

Legal & General Insurance

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Harriet de Beaufort-Suchlick

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Legal & General Capital and LGIM Real Assets

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Notes to editors

Legal & General Capital

Legal & General Capital (LGC) is the early-stage investment arm of Legal & General Group. Investing from Legal & General’s principal balance sheet, LGC’s purpose is to generate long-term shareholder value by injecting new capital into key sectors where there has been a shortage of investment and innovation.  Focused on Future Cities (Urban regeneration and Clean Energy), Housing, SME Finance and Venture Capital, these key sectors reflect our aim to invest for the long term in economically and socially useful assets, to secure competitive returns and to create new asset classes for Legal & General’s varied investment requirements, for our partners and for the wider marketplace.

Legal & General Group

Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with a number of growing businesses in the US. Over fifteen million people worldwide rely on us to help them save for the future and to protect their families and their homes.

We operate in three principal areas:

  • Investing & Annuities, where we manage £58bn of retirement annuities for policyholders and invest for their long term return within Legal & General Retirement, as well as investing our own balance sheet within Legal & General Capital;
  • Investment Management, where we have £983bn in total assets under management from clients in the UK, US, Asia and EMEA and a leading UK workplace savings and retail investments business within LGIM; and
  • Insurance, where we provide protection against life events for customers, with £2.9bn of gross written premiums principally in life insurance in the UK and US within Legal & General insurance and household insurance in the UK within our General insurance division.