Phoenix Group, a leading savings and retirement business, has appointed Michael Eakins from ReAssure into the newly created role of Chief Investment Officer, subject to regulatory approval and completion of the ReAssure acquisition.

On completion of the ReAssure acquisition, Phoenix Group will become the UK’s largest retirement and savings provider, with assets under administration of c£330billion*. The Group recognises the vital role investment management has in driving value for both customer and shareholder assets and is therefore creating a dedicated investment team, under Michael’s leadership, to leverage expertise from across the enlarged group. The team will be responsible for the investment strategy for all shareholder and policyholder assets, working closely with investment partners.

A key focus for the team will be its proactive approach to Responsible Investment and managing assets in a way that embeds Environmental, Social and Governance (ESG) considerations in the investment decision making process. This is one of the key pillars of Phoenix Group’s sustainability strategy, which seeks to safeguard the interests of its customers, shareholders and the community where it operates over the long term.

As a significant long-term asset owner Phoenix plays an important role in foreseeing responsible investments and sourcing investment opportunities in assets which have a positive social benefit, such as social housing, education, infrastructure and local authority loans.

To date, Phoenix has originated £6 billion of illiquid assets** across a broad range of investments including those with a social purpose. Recent investments in socially beneficial assets include: £70m in lending to UK Local Authorities, £145m to Housing Associations and £30m to a renewable energy project. Outside the UK, there has also been a further £90m of sustainable investment in the Islamic Development Bank to help those countries in their sustainable development projects.

Andy Briggs, CEO of Phoenix Group said: “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”.

Michael Eakins adds: “Phoenix Group is already committed to having a positive impact on both environmental and social considerations through its investments, and to aligning its investment portfolio with the evolving beliefs of its customers. I’m very much looking forward to taking on this new role and leading a team of investment professionals at Phoenix Group at this crucial time for the UK, where the positive impact and sustainability of future investments over the long-term has become even more important.”

Michael joined ReAssure in June 2019 as their Chief Investment Officer and prior to that he was a Managing Director at Goldman Sachs where he was responsible for the European Pension and Insurance Business and UK Rates sales. He has a MSci in Mathematics from the University of London and is a Fellow of the Institute and Faculty of Actuaries.

On joining Phoenix, he will become a member of the Executive Committee reporting into CEO Andy Briggs.

*As 31st December 2019

**Illiquid assets include equity release mortgages, UK local authority loans, private placements, commercial real estate and infrastructure debt.

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Enquiries

Rachel Esland
Phoenix Group
07892 705093
rachel.esland@thephoenixgroup.com