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M&A director Downing to leave L&G

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Wadham Downing has decided to leave the Legal & General Group at the end of June 2015 and will stand down as Group M&A and Strategy Director with effect from 31 December 2014. 

Downing leaves following the successful launch of the Group’s M&A capability with seven bolt-on acquisitions, since the evolution of the strategy in March 2013, including CALA Homes, Lucida, as well as the Group’s first US acquisition Global Index Advisors. Downing was also Interim Group CFO between June 2012 and July 2013. 

These transactions have accelerated Legal & General’s growth strategy across its five growth themes particularly in investment management, retirement and digital lifestyles. The acquisition of CALA boosted Legal & General’s engagement in UK housing, where with the subsequent acquisition of Banner makes CALA now a top-ten house builder. Under Downing’s leadership the Group has established credibility in delivering successful bolt-on acquisitions alongside organic growth. 

Nigel Wilson Group CEO of Legal & General Group, says: “In his five years here, Wadham has played a significant role in contributing to Legal and General’s financial success and transformation. He has always demonstrated a great deal of passion, integrity, commercial acumen and professionalism in his roles as Group CFO and M&A Director. He is a great colleague and a consummate finance professional – I am sorry to see him go and wish him the very best for the future.” 

Downing says: ”Legal & General is a great company and I am proud to have been part of its success in the last five years. Having been Group CFO and Group M&A Director it now seems a natural time for me to move onto the next challenge. It has been a pleasure to work for Nigel for the last five years. I wish the Group continued success in the future.” 

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