Legal & General faces pivotal moment under new boss

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When António Simões left HSBC in mid-2020 after more than a decade to become Santander’s head of Europe, it was a natural progression as he grabbed the next rung of the global banking ladder.

Article originally published by The Financial Times. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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29 Dec 2023

Next week the Portuguese executive returns to London to take up a less familiar challenge — running one of the UK’s most prominent insurers, Legal & General.

The company, which is also the country’s biggest asset manager and provides pensions to millions of UK savers, has been run for more than a decade by Sir Nigel Wilson, who has reshaped it in an ethos of “inclusive capitalism”, using its own balance sheet to finance science parks, start-ups and build thousands of homes.

The City grandee will be a “tough act to follow”, according to one top-30 L&G shareholder, who described Wilson as a “constant” through a period of change for the sector that has included retirement and regulatory reform, Brexit, Covid and the market turmoil following last year’s ill-fated “mini” Budget.

However, analysts say he is leaving behind a group that is being shunned