Jonathan ‘JB’ Beckett is to leave Lloyds Banking Group and Scottish Widows where he oversaw £189bn of assets across the two companies.
The fund selector’s departure coincides with the announcement this week that Lloyds was partnering with Schroders on a financial planning firm and handing it £80bn worth of Scottish Widows assets.
Beckett (pictured) is planning to leave at the end of the year to focus on opportunities working as an independent non-executive director of funds with the Financial Conduct Authority.
Beckett is also planning to continue his academic focus, currently as a guest lecturer at Stirling and Herriot Watt universities and the Fintech Circle Institute. He is also an author and senior reviewer for the Chartered Institute for Securities & Investments (CISI).
A spokesperson for Lloyds said: “We wish him all the best for his future career and will announce a successor in due course.”
Lloyds loses its CFO
Meanwhile, Scottish Widow’s parent company, Lloyds, revealed its chief financial officer (CFO) George Culmer would be leaving.
Culmer, who helped Lloyds during the aftermath of the financial crisis to return to full private ownership, is set to retire during Q3 2019. He began at the group in 2012.
António Horta-Osório, group chief executive, said he was grateful that Culmer had timed his retirement so that he would remain on board until after next year’s H1 results.
The trading update said a search for a successor has commenced.
Brexit holds Lloyds’ shares in check
In a separate announcement, Lloyds Banking Group reported pre-tax profit of £1.8bn for the three months to 30 September, beating analyst expectations of £1.7bn.
Profits climbed 10% in the first nine months of the year to £4.9bn, ahead of expectations.
Horta-Osório said the group has made a strong start to its 2018 to 2020 strategic plan as it has implemented initiatives to transform the group for success in a digital world.
He said the bank’s recent announcement of a wealth management joint venture initiative with Schroders further demonstrates Lloyd’s focus to enhance its customer proposition and grow its financial planning businesses.
Following the update, shares were up 1%.
Graham Spooner, investment research analyst at the Share Centre said: “The outlook for the group is hopeful but Brexit concerns appear to be holding the shares in check.”
