Eppinger retires from Cofunds after decade

Charlie Eppinger, chairman of Cofunds, will step down with immediate effect following the completion of the platform's acquisition by L&G.

The insurer today announced the completion of its acquisition of 75% share capital of Cofunds, which it did not already own, for a cash consideration of £131m. L&G said the transaction is expected to be earnings accretive by the end of 2014 with an expected cost synergy benefit of £11m per annum from 2015, and a one-off investment cost of around £17m. Eppinger, who was key in negotiating the sale and has been with Cofunds for over 10 years, is now retiring from the Cofunds board. His departure follows that of other key members of Cofunds' staff including marketing director Verona S...