STM Group
The chairman of London & Colonial has joined the board of financial services firm STM Group, following a £5.4m ($6.7m, €6.4m) deal to buy the Sipp provider.
Pensions lawyer Robin Ellison has been named as a non-executive director at the specialist international pensions provider. He was previously a non-executive director at London & Colonial.
Ellison currently works for Pinsent Masons, and was previously the chairman of the UK’s Pensions and Lifetime Savings Association (PLSA).
He also stood as a candidate in the 2015 General Election for the independent Pensions Party.
Cross-border financial services provider STM, which has offices in Malta, Gibraltar, Jersey and Spain, entered the UK Sipp market in March, when it bought London & Colonial in a deal worth up to £5.4m.
The acquisition initially cost the firm £4.1m, with a further £1.3m payout possible next year subject to approval.
L&G
UK insurer Legal & General (L&G) has hired Jeff Davies from Ernst & Young (EY) as its new chief financial officer.
Davies will replace Mark Gregory in the role after the company published its annual results in spring.
Gregory, who announced his retirement in February, will work with Davies until the end of next August to ensure an orderly handover.
Currently Davies is a senior partner at EY, and he is in charge of its European Risk and Actuarial Insurance Services practice. Before joining EY in 2004 Davies worked for Swiss Re.
Davies will be paid a basic salary of £500,000, with the possibility of a performance-based bonus worth up to 150% of his salary, and a long term share based bonus of up to 250% of his salary.
Lighthouse
Former chief executive of the UK’s Personal Finance Society (PFS) Fay Williams has stepped down from her non-executive directorship at national IFA Lighthouse Group.
Williams has been non-executive director at the firm for four years but has confirmed she will retire from her position in the New Year.
Lighthouse said it will search for her replacement at the company’s AGM next May.
Williams was the PFS chief executive from 2008 to 2012, and was replaced by the professional body’s current chief executive Keith Richards.
Previously she was the policy director and deputy director general of Aifa before it became the Association of Professional Financial Advisers (APFA) and has also worked with the UK government body the Money Advice Service (MAS).
