New Legal & General boss Antonio Simoes eyes investment shake-up
New Legal & General boss Antonio Simoes has signalled a rethink of its ‘inclusive capitalism’ ethos as he revealed a ‘thorough review’ of the sprawling business.
Simoes became chief executive this year and will outline his strategy in June.
Yesterday, he said it was the ‘right moment to take a fresh perspective’ as it reported flat operating profits of £1.67billion for 2023 – disappointing investors.
He gave few details about plans for L&G, which encompasses businesses from insurance to housebuilding, but said he would unveil a ‘clear strategy and a simpler investment case’.
He did not rule out scrapping the ‘inclusive capitalism’ mantra, which embraced the idea of investing pension savings in areas where it can do good, such as tackling the housing shortage or climate change.
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Simoes said: ‘Inclusive capitalism has been a galvanising force and the commitment for us to deliver for society and deliver for shareholders and I think it has really encapsulated that really well.’
He added: ‘We’re looking at a thorough review of all businesses – we’ve been doing that over the last two months. Where is growth going to come from?’
Assets under management fell by 3 per cent to £1.16trillion and clients pulled out a net £38.4billion.
The shares fell 0.8 per cent.
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