Legal & General has brought on board new advisors to assist the newly appointed CEO, Antonio Simoes, in executing a strategic revamp of the UK-based insurance giant, according to sources who spoke to Reuters. The move marks a significant chapter for the FTSE 100 entity, with expectations of increased investments in pensions and international expansion under Simoes, a former executive at Santander and HSBC.
In the lead-up to revealing a fresh strategy for one of Britain’s leading insurers, expected around summer, Simoes has updated L&G’s consulting lineup. Notably, the firm has engaged the services of the investment banking boutique Robey Warshaw, where former British Chancellor George Osborne is a partner. This firm is tasked with advising on issues including potential acquisitions and defense against activist threats, shared two sources who wished to remain anonymous.
Taking over the advisory role from Lazard, Robey Warshaw steps in alongside JPMorgan, which replaces Bank of America as L&G’s joint corporate broker, with Barclays continuing in its role, disclosed one of the sources. Bank of America, Barclays, and JPMorgan have not provided comments on the matter.
Simoes is poised to announce his inaugural comprehensive results for L&G on March 6, following his assumption of the CEO position two months prior.
