Legal & General Capital (LGC) announces the appointment of Karen Bashford as its new Chief Operating Officer. Karen will lead the company’s operations from July 2023, as it expands internationally and transitions its business from an alternative asset origination platform to a leading multi-boutique manager, deploying third-party capital across its investment specialisms of housing, venture capital, specialist commercial real estate, clean energy, digital infrastructure and GP investing.
Karen’s appointment will support the company’s ambitious targets and aims of bolstering attractive risk-adjusted returns for shareholders and attracting significant further third-party capital. Karen will also continue to support the company in building inclusive and collaborative teams, whilst enabling a culture that promotes innovation.
“Legal & General Capital has built a strong, scalable platform, whilst meeting its purpose to invest society’s capital for society’s benefit. I am delighted to be joining the business at this crucial time, building on its success to further an environment that promotes growth, efficiency, innovation and agility.”Karen Bashford, Chief Operating Officer, Legal & General Capital
With a proven track record in business growth and transformation, Karen was most recently Head of Enterprise Change at Schroders. Her role included onboarding large assets tranches such as £7bn of Real Estate business. Karen has also overseen the delivery of major infrastructure, regulatory, and efficiency programmes looking at operating models end to end.
Karen has recently become an accredited CFA ESG Analyst and a board member of London Womens Forum, representing women in finance. Sustainability and inclusivity has been a major theme throughout her career, which Karen brings to Legal & General Capital. Prior to her nine year career at Schroders, Karen was Global Change and Operations Portfolio Manager at BAML and held a previous role with UK and European government initiatives to deliver environmental change programmes.
“Karen will be a fantastic addition to Legal & General Capital’s leadership team, with strong sector and technical ability to support the next stage of our business transformation and clear alignment with Legal & General Capital’s mission. Karen will continue to support Legal & General Capital in its strong purpose and values that drive our global direct investments, helping to attract third party investment to crowd in capital to these high-returning impact investments which can secure lasting value for society.”Laura Mason, CEO, Legal & General Capital
Legal & General Capital has three fundamental objectives: profit and value generation for Legal & General shareholders; asset creation to back the Group’s annuity liabilities and to meet demand from like-minded investors; and a focus on high-returning sustainability and impact investments, securing long lasting value for shareholders and society.
The company is making progress against its ambitions to build its diversified alternative AUM to £5bn by 2025 (2022: £4.2bn), with a blended portfolio return target of 10-12%. LGC expects to invest and manage over £30bn of alternative AUM by 2025.