Michael Eakins will become CIO of U.K. insurance and savings business Phoenix Group once its acquisition of a rival insurer is completed, a spokesman said.
The role is new. Mr. Eakins is currently CIO at ReAssure Group, an insurance business that is set to be acquired by Phoenix Group. The deal was announced in December and is set to close in July. Mr. Eakins will become CIO when the acquisition is complete.
The deal will boost Phoenix Group's assets under administration to £330 billion ($413.5 billion).
"Under Michael's leadership the team is going to step up its activities, not least because we recognise that direct investment is an important mechanism to support the economy following the COVID-19 lockdown. With our investment partners, we are actively looking for opportunities to support important projects to provide long term funding to social housing, education, infrastructure and local authorities which have faced funding challenges during the pandemic," Andy Briggs, CEO of Phoenix Group, said in a news release Tuesday.
Mr. Eakins joined ReAssure in June 2019 as CIO. Prior to that he was a managing director at Goldman Sachs, where he was responsible for the European pension and insurance business.
