Cofunds has announced that its chief executive, Martin Davis, is to step down following the completion of the firm's acquisition by Legal & General.

He will be replaced by the head of strategic opportunities in L&G's savings unit, Chris Last, subject to Financial Conduct Authority approval.

Last will work with Davis and the Cofunds management team towards a smooth transition of ownership. The acquisition is expected to be completed in the first half of 2013.

“Martin joined us at a critical time with the challenge to guide the development of the platform’s transition as a result of the Retail Distribution Review. After two years under his leadership, the business is successfully and profitably trading in a post-RDR environment, has grown from £35 billion to over £50 billion and is well-positioned for the future," said Charlie Eppinger the chairman of Cofunds.

In March, L&G agreed to acquire the 75 per cent of Cofunds Holdings, which it did not already own, for £131 million (around $199 million). 

Cofunds has over £50 billion of assets under administration and a 22 per cent share of the UK investment platform market. Cofunds and L&G’s existing platform, Investor Portfolio Service, will form a new business unit within the firm’s savings division.