Legal & General's new boss bets on ageing Britain [Yahoo! Finance]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Yahoo! Finance
January, succeeding an executive whose 11-year tenure was so significant it earned him a knighthood. Sir Nigel forged a doctrine of “inclusive capitalism” at the 188-year-old insurer, using its financial heft to back projects L&G believed delivered social good as well as returns. What Simões plans to do will become clear on Wednesday when he is scheduled to give a two-and-a-half-hour presentation to L&G investors in the City, following a root-and-branch review. “It's the first time he's going to really be talking to the market,” says Abid Hussain, analyst at Panmure Gordon. “He needs to have a plan but he doesn't need to reinvent the wheel. The business is not broken but they need to do something to get the share price going.” L&G, which has 14 million retail customers, is a reliable company for many investors but shares have flatlined over the past decade. While “inclusive capitalism” won plaudits from politicians and ESG advocates, doubts have emerged about the strategy. L
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