Legal & General chief executive Nigel Wilson is set to retire from the UK’s largest asset manager and insurer after more than a decade at the helm.
Wilson joined the firm as chief financial officer in 2009 before being promoted to chief executive three years later.
During his tenure, he led Legal & General’s investment focus in UK infrastructure and long-term assets and doubled its share price and profits. The firm now manages £1.3trn in client assets.
Wilson’s retirement comes less than a year after he was knighted for services to the financial industry.
In a statement, the firm said it would look internally and externally for a replacement and Wilson would remain in his role for the next year while a successor is being chosen.
John Kingman, chair of the board at Legal & General, said: “Nigel has successfully navigated significant geopolitical changes as well as challenges in the regulatory and market environments of each of our core businesses and has steered the group into a position of strength from which it can continue developing on behalf of its shareholders, customers and people.
“Nigel’s decision to announce his planned retirement from Legal & General now allows for an orderly process to appoint a new chief executive who can continue delivering on the group’s immense potential.”
Following the news, Legal & General’s share price slid 2.5% on Monday morning.
Russ Mould, investment director at AJ Bell, said: “The fall in Legal & General’s share price reflects the esteem in which departing boss Sir Nigel Wilson is held by shareholders.”
Mould added Wilson is currently the 13th longest-serving FTSE 100 chief executive, having held the top job for more than twice the average time most lead UK large cap companies.
In asset management, the firm’s Legal & General Investment Management (LGIM) division appointed Aanand Venkatramanan as head of ETFs for EMEA last May after promoting Howie Li to head of index and ETFs in December 2021.
Last November, the L&G Multi-Strategy Enhanced Commodities UCITS ETF (ENCO) won ETF of the year at ETF Stream’s annual awards.