Legal & General to expand pensions and sell housebuilder

Insurance and asset management group’s new chief promises a ‘simpler’ business, focused on three divisions

The new boss of Legal & General has announced a major shake-up of the company, including a sharper focus on its booming pensions arm and putting its housebuilding business up for sale.

The insurance and asset management group’s new chief executive, António Simões, a banker who started in January and previously worked for Santander and HSBC, promised a “simpler and better-connected” business, focused on three divisions.