Paul Miller to become Managing Director, Principal Investing, Legal & General Capital

Legal & General has announced that Paul Miller, Group Strategy and M&A Director will take up the new role of Managing Director, Principal Investing in Legal & General Capital (LGC).

Paul will report to LGC’s CEO, Kerrigan Procter and will join the Executive team and Investment Committee of L&G Capital.

LGC is a growth business within L&G and also delivers strong cross-group synergies, investing L&G’s own balance sheet and working closely with other L&G divisions to source and develop investment opportunities and assets for the broader Group and its clients. At 30 June 2018, LGC’s direct investment portfolio was £2.0bn, with areas of focus including future cities, housing, venture capital and SME financing. Within LGC, Paul will lead L&G’s venture capital investment activities, its SME finance investment via Pemberton, and LGC’s role in Build to Rent housing. Collectively LGC has committed investment of over £750m in these sectors with a current portfolio of approximately £450m invested to date.

In Venture Capital and SME financing, L&G has committed capital to support start-up businesses across the UK through existing VC managers and direct stakes in innovation and growth companies strategically aligned with our business. Under Paul’s leadership, this strategy will continue to evolve as we look to deploy more of our own funds, and by working with the British Business Bank and others to help deploy the pension funds of the UK population into VC and Growth investing. LGC owns 40% in Pemberton, a private credit asset manager, and has also deployed its capital in a number of Pemberton funds. In the UK Build to Rent housing market, L&G is seeking to help create a new institutional asset class. LGC works closely with LGIM, the Group’s investment management division in the Build to Rent segment with LGC providing the development capital to fund attractive new-build developments across the UK. L&G aims to have 6,000 Build to Rent homes in planning, development or operation by the end of 2019, up from 3,000 at the half year 2018.

Nigel Wilson, Group Chief Executive said:

“Paul has done a terrific job as Group Strategy and M&A Director. His strategic oversight has added focus across the Group, driven cross-divisional collaboration and helped articulate our really compelling narrative. His success on the sale of our Mature Savings business has further added to non-core business sales which have totalled £1.3bn to date, while his work on our acquisition of the Canvas ETF business and our buyout of Cala Homes also positions us strongly for the markets of the future. I am delighted Paul has taken this important role where he will bring these clear strategic and execution skillsets to bear, driving growth in profits and shareholder value by investing patient capital in much-needed housing and business start-ups and scale-ups.”

Kerrigan Procter, CEO L&G Capital added:

“I have worked closely with Paul and am delighted he is joining L&G Capital. As part of a first-class leadership team he will play an important role driving forward our innovation and growth agenda. L&G Capital is set to have another busy year in 2019 as we grow our portfolio and invest our long term capital in building a better society, and helping create shareholder value within LGC and across the Group.”

L&G will announce a new Group Strategy Director in due course. Paul will take up his role from January 1st 2019.