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Phoenix Group appoints new chief executive

Phoenix Group, a UK based consolidator of closed life assurance funds, has appointed Clive Bannister as new group chief executive.

Earlier, Bannister was group managing director of insurance and asset management at HSBC, where he led the global insurance business and its 8,500 employees. He also led HSBC Global Asset Management with 2,000 employees and assets under management of $426bn as at 31 December 2009.

Phoenix Group has accepted the resignation of Jonathan Moss, who is director of of the company, with immediate effect. Moss will remain available to the group until 31 July 2011 to ensure an orderly handover.

In addition, the Phoenix Group has accepted the resignation of Jonathan Moss as a director of Phoenix Group Holdings with immediate effect. However, he will remain with the company until 31 July 2011 to ensure an orderly handover.

Phoenix Group chairman Ron Sandler said Clive has the leadership and strategic skills that are needed to realize the very considerable opportunities that we see for Phoenix Group, and to ensure that the interests of our six million customers are properly looked after.