Davis has been in charge at Cofunds for two years, during which time he oversaw the transition through RDR. Assets under advisement grew from £35bn to over £50bn during the period.
Now Davis has taken the decision to step down and will work alongside Last until the transition of ownership is completed, which is likely to be by the end of H1 2013.
Last was previously head of strategic opportunities, in Legal & General’s savings business, and his new title will be chief executive designate at Cofunds.
The announcement comes a week after the departure of Stephen Mohan, former managing director of operations, who had been at firm for seven years. He was replaced by Andy Coleman, head of distribution, as the platform restructured to combine retail and institutional sales and client management into one department.
Legal & General revealed it had secured the 75% share in Cofunds it did not already own in March, in a deal worth around £131m. The platform will retain its brand following completion of the transaction.
More information on the recently-released FCA platform paper is available here.
