Charlie Eppinger departs as L&G acquires Cofunds

Cofunds' chairman Charlie Eppinger is stepping down from the business as Legal & General's acquisition of the platform completes.

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Eppinger, seen as the driving force behind the deal, will retire from Cofunds board with immediate effect. He was also CEO from 2003 until Martin Davis’ arrival in 2011.

Davis quit Cofunds in March following the acquisition of the L&G transaction, which saw the insurer pick up the remaining 75% share capital of Cofunds Holdings for a cash consideration of £131m.

Stephen Mohan was another high-profile departure from the firm, joining Allfunds to spearhead its push into the UK and Ireland.

L&G already owned a 25% stake in Cofunds, which has been valued at £175m following the acquisition.

Chris Last, who replaced Davis as CEO of Cofunds business unit, spoke of ambitious plans for the platform, adding the RDR and platform needs of Cofunds’ clients were the key focus for the executive team.

Mark Gregory, CEO Savings, Legal & General, said: "We’re thrilled that everyone involved has worked so hard to ensure a smooth transition. As ownership changes to Legal & General, I’d like to publicly thank Charlie Eppinger for his 10 years of association with Cofunds.

"He’s guided the platform from its early days to the highly successful, market-leading business it is today. He’ll be missed but he can retire from the Cofunds Board safe in the knowledge Chris Last and the team at Cofunds will take the platform on to even bigger and better things. We thank Charlie and wish him all the best."

Cofunds has said it will retain its focus as a whole-of-market platform and will remain a separate brand in the UK investment platform market.



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