Standard Life appoints finance chief from Lloyd's of London

LONDON Fri May 23, 2014 4:26am EDT

Related Topics

LONDON May 23 (Reuters) - Financial services group Standard Life has recruited Luke Savage from Lloyd's of London as its new chief financial officer, filling the space left by Jackie Hunt a year ago.

Savage, 52, will join the Edinburgh-based company on August 18 and will earn up to 1.5 million pounds ($2.5 million) a year in pay and bonuses in addition to a long-term incentive plan, Standard Life said on Friday.

"He is joining the group at a time of significant opportunity with unprecedented change across the markets in which we operate," Chief Executive David Nish said.

The appointment follows a year-long search for a new finance director that started when Jackie Hunt left to run rival Prudential Plc's UK and European business.

Savage leaves the Lloyd's market after 10 years, having joined in 2004 from Deutsche Bank.

He faces a busy schedule early on in his new post, with a referendum on Scottish independence due in September threatening to leave the group on the opposite side of an international border from the bulk of its customers in England.

The UK pensions market is also undergoing significant upheaval with a new system of automatic enrolment into company schemes for employees creating vast pools of assets currently being chased by Standard Life and its rivals.

"We view this as an excellent appointment for Standard Life and will come as a real relief to its shareholders," said insurance sector specialist Eamonn Flanagan at Shore Capital Stockbrokers.

Standard Life shares were trading 0.2 percent higher on Friday morning, outperforming their FTSE 100 benchmark index which was 0.2 percent down.

($1 = 0.5931 British Pounds) (Reporting by Chris Vellacott; Editing by Pravin Char)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video