Phoenix Group, the largest specialist consolidator of closed life funds in the UK, is gearing itself up for what’s to come once its acquisition of Standard Life Assurance gets completed most likely in the third quarter of 2018 – announcing changes aimed at strengthening its management.
Company veterans Rakesh Thakrar, Tony Kassimiotis, and Susan McInnes are all joining the group executive committee. Thakrar and Kassimiotis, who both have been at the firm since 2001, are taking on newly formed roles while McInnes is replacing Wayne Snow as chief risk officer.
Deputy group finance director Thakrar will become a director of the life company board upon election at its next meeting, bringing his experience in having held senior finance and strategy-related positions. Kassimiotis, who most recently served as managing director of operations, has been appointed group chief operating officer in charge of all operations, outsourcing relationships, technology, premises, procurement, and various projects.
New chief risk officer McInnes, who has been with Phoenix Group companies since 2006, was customer director of Phoenix Life.
“The appointments bring additional experience and diversity to Phoenix Group Holdings’ executive team as the organisation progresses towards the completion of the Standard Life Assurance acquisition and the transition of the combined businesses,” said the firm in its announcement.
Meanwhile Phoenix Group added that the responsibilities of strategy, corporate development, and communications head Fiona Clutterbuck – who is leaving the group – have been reallocated to an enlarged corporate development team managed by group chief actuary Simon True.
“Phoenix is well placed to take part in the future consolidation of the closed life and BPA markets and it is important that we strengthen our leadership team,” commented group chief executive Clive Bannister. “Rakesh, Tony, and Susan have all made long-term contributions to Phoenix, and I am delighted they have joined the group executive committee.
“I would also like to pay tribute to Fiona and Wayne for their commitment to Phoenix over the past years and wish them well in the future.”
Phoenix Group has 5.6 million customers and £74 billion of life company assets.
