Phoenix creates investment team under ReAssure CIO Eakins

Phoenix Group has appointed Michael Eakins from ReAssure into the newly-created role of chief investment officer (CIO), responsible for leading a dedicated investment team.

The appointment is subject to regulatory approval and completion of the ReAssure acquisition. Eakins will become a member of the executive committee reporting into CEO Andy Briggs.

The newly-created team will be responsible for the investment strategy for all shareholder and policyholder assets, working closely with investment partners.

Eakins joined ReAssure in June 2019 as CIO 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.

On completion of the ReAssure acquisition, Phoenix Group will have assets under administration of c£330billion.

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”.

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.”