Jayesh Patel has joined Legal & General as head of DC clients, as the insurer looks to bolster its senior DC team.
Patel was previously co-head of DC consulting at Willis Towers Watson, and has more than 20 years experience working across the sector. In this new role Patel will be responsible for L&G’s workplace, IOP and institutional client relationships.
L&G has also appointed Stacy O’Sullivan to be its new head of DC strategy and development. In this role she will focus on the company’s strategic priorities for the DC market, new business support and project management.
O’Sullivan has 25 years of consulting experience having previously worked for Muse Advisory, where she played a pivotal role establishing their independent DC consulting business. She has also previously worked for pension consultants Lane, Clark and Peacock (LCP).
Speaking to Corporate Adviser Patel said that he was excited by the opportunity this new role offered. “Whether you are on the consultancy or provider side it is really an exciting time for the DC market. Legal & General is obviously the largest DC provider in the market and is seen as a safe pair of hands by clients and trustees alike. But what really appealed to me was its commitment to innovation in this market as it continues to push boundaries.”
L&G’s size meant it had the potential to capitalise on a number of market developments, such as the move into private markets and illiquid assets he said. Patel says this will be one of the main priorities for the year ahead.
“Trustees and client are looking for a best-in-class solutions, and want to know how we can help members on a number of issues, be it investment funds, the cost-of-living crisis and engagement strategies. Myself and the senior leadership team will be looking at the best ways to help support them across these and other areas.”
L&G said that the DC market was an increasingly important part of its business and an area for future growth. With this in mind it was looking to expand its senior DC team.
Head of DC at Legal & General Rita Butler-Jones says that these two senior hires come as the firm explores “new opportunities for DC schemes to build their exposure to private markets, support members to and through retirement, and deliver new technologies to achieve innovation and engagement in pensions”.
O’Sullivan adds: “L&G’s scale as the largest DC provider in the UK, clear purpose to build a better society and keen focus on member outcomes are precisely what’s essential for maintaining market leadership in this dynamic DC landscape.
“Drawing upon my in-depth market knowledge and understanding of what employers and members seek in a DC provider, I am determined to ensure that L&G remains at the forefront of the industry.”