By Sabela Ojea

 

Legal & General Group's Legal & General Capital said Tuesday that it has appointed Gareth Mee as its new chief financial officer.

The FTSE 100-listed insurance company's alternative-asset platform said that Mr. Mee, a partner at Ernst & Young Global Ltd., will lead its financial operations from January 2022. He will replace Stephen Halliwell in the role.

Mr. Mee will help the main investment arm of Legal & General Group generate up to 600 million pounds ($823.7 million) in profit from alternative assets by 2050, it said.

Legal & General Capital's key targets include growing its alternative-asset portfolio to GBP5 billion by 2025 and generating returns of around 10% to 12% a year, across its key focus areas of housing, small and medium enterprises finance, specialist commercial real estate and clean energy, it added.

 

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

 

(END) Dow Jones Newswires

October 19, 2021 05:05 ET (09:05 GMT)

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