Legal & General has announced that Chris Last, chief executive of investment platform Cofunds, has decided to retire at the end of October after over 40 years at Legal & General.

Legal & General has appointed David Hobbs to replace him, subject to Financial Conduct Authority approval. 

Last became chief executive of Cofunds in May, following the acquisition by Legal & General.

He will now work with Legal & General and the Cofunds management team towards a smooth transition of leadership.

Last joined Legal & General in 1972 as a calculations clerk, and became managing director of Legal & General’s banks and building society distribution division, before being appointed chief executive of Cofunds after Legal & General’s acquisition in May 2013. 

Hobbs is currently managing director of operational services of Cofunds, having previously been managing director of Suffolk Life for three years.