UK insurance group Legal & General has picked Eleanor Bucks, its current L&G Retirement CIO, to head its new Direct Investments and Real Assets business as managing director as part of the broader L&G Retirement Institutional (LGRI) business.
The new business area is set to lead to closer work with L&G Investment Management (LGIM) and L&G Capital (LGC), noted Laura Mason, CEO LGRI, as the provider seeks to diversify the range of assets it uses. Bucks added that the formation of the new business area recognised the increasing importance of both direct investments and real assets in terms of the group’s retirement business.
Bucks (pictured) referenced both L&G’s scale and its ongoing focus on responsible investments as key drivers of its ability to “create positive outcomes for people here in the UK and beyond”.
Examples of assets classes and investment areas that the new business is considering include so-called affordable housing within the framework of UK infrastructure, as well as “urban regeneration and clean energy”. Some £14bn of direct investments have been made by the L&G group. LGRI has invested in property such as US retailer Amazon’s new UK headquarters in the Shoreditch area of London, and a new office building pre-let to HMRC, the UK’s tax authority, in Stratford, also in London.