Legal & General Investment Management (LGIM) has restructured its adviser sales division with four regional sales managers departing and new personnel coming on board.
Previously the asset manager had five regional sales heads but three of these figures have been offered redundancy and one of them has been made redundant, New Model Adviser® has learned.
As part of this change, LGIM is moving away from a regional adviser sales model to a national sales approach run by three new senior sales figures it is hiring which will be responsible for face-to-face relationships with IFAs, New Model Adviser® understands. This trio will be supported by six telesales staff comprised of two new hires and four existing individuals.
As well as this restructure, LGIM also poached Premier Asset Management’s head of strategic partnerships, Paul Pugh, who become a senior sales manager at LGIM in February. Pugh reports into Paul Measures, LGIM's head of intermediary sales.
A spokeswoman for LGIM said: ‘Advisers are integral to our business and we are dedicated to listening to them and supporting their investment choices for clients. To reflect the changing landscape for advisers, we are adapting our UK distribution to ensure we continue to provide excellent service to advisers.’
She added as part of the restructure it will be making five new hires to ‘support our continued growth in the advisory market.’
In 2017 LGIM recorded record net inflows of £43.5 billion in 2017, which helped push its operating profit up 9% to £400 million. The fund house now has nearly £1 trillion of assets.