Legal & General Retirement Institutional is rearranging leaders in its global pension risk transfer business, the London-based firm announced Friday.
Chris DeMarco is changing roles, with the managing director now leading strategic accounts and new markets, while John Towner moves into the leadership position for the U.K. pension risk transfer business. Mr. Towner was previously head of new business.
Emma Byron, previously managing director of Legal & General Retirement Solutions, now serves as chief operating officer for Legal & General Retirement Institutional.
Andrew Kail, CEO of Legal General Retirement Institutional, said in a news release that "demand for PRT is growing and there are tremendous opportunities in both the U.K. and international markets."
Legal & General has £1.3 trillion ($1.5 trillion) in assets under management. The Legal & General Retirement Institutional division works with defined benefit pension funds on buy-ins, buyouts and other derisking solutions. Its U.K. retirement annuity business was more than £89 billion as of March 9, the news release said.