The news that Legal & General (L&G) platform boss Geoff Towers has switched roles within the insurer could, whisper it, pave the way for L&G’s protracted courting of Cofunds to be consummated.
News of L&G’s tentative steps to mount a takeover of Cofunds first hit the headlines in November 2011, and we reported in March last year that the two were battling over Cofunds’ £250 million asking price. Since then, rumours of back-and-forths between the two have abounded, but a final deal has eluded both parties.
So how could Towers’ departure help L&G’s bid? After all Towers is a respected name in the platform space, having been at the helm of Standard Life’s wrap at its launch, before heading up L&G’s platform proposition. Doesn’t his move signal less commitment to the platform space rather than more?
But his departure does clear the way for Cofunds chief executive Martin Davis to head up L&G’s platform offering once the deal is finally sealed. With L&G not in any hurry to appoint a new platform boss, it may well be Davis ends up filling that seat. Watch this space…