Legal & General will appoint António Simões as group chief executive, taking over from Sir Nigel Wilson who has led the financial services business for more than a decade. 

Simões will join from Banco Santander where he has been the lender’s regional head of Europe since September 2020. 

In this role, he leads Santander’s businesses in the UK, Spain, Portugal and Poland, working across retail and commercial banking, corporate and investment banking, wealth management and insurance. 

Prior to joining Santander, Simões spent 13 years at HSBC, including as chief executive of UK and Europe, and latterly chief executive of Global Private Banking, based in London and Hong Kong. He is a former partner of consulting firm McKinsey & Company. 

FTSE 100-listed Legal & General, valued at £13.8bn, manages a range of assets, spanning mortgages, pensions, insurance and other investments. The group has £1.2trn assets under management around the world. 

Simões will take up his post from Wilson, who has led the business since 2012, at the beginning of January, subject to regulatory approval. 

At the start of this year Wilson announced his intention to retire from executive life, but will the group says he will “work closely” with Simões “to ensure a comprehensive handover and a smooth transition” until the end of the year. 

During his tenure, Wilson has often spoken about the social value of investment in areas such as housing and other infrastructure. 

Legal & General chair Sir John Kingman says: “António brings a formidable leadership track record at the most senior level of financial services, working across complex, global organisations.  

“In an excellent field, his energy, ambition and clarity of strategic thinking stood out, alongside his strong belief in the positive role that business should play in society. 

“I look forward to working with António to ensure that Legal & General continues to deliver on its enormous potential for our shareholders, employees, customers and the communities of which we are a part.  

“I would also like to reiterate my thanks to Nigel who I know will continue as ever to show relentless commitment to Legal & General.” 

Simões adds: “Legal & General is a great company with an iconic, highly respected brand, strong financial track record and a deep-rooted commitment to social purpose.  

“I’m proud to be appointed as group chief executive to build on the success of Nigel and the team.  

“This is a critical time for our industry, clients and customers, with emerging technologies, changing societal dynamics and wider economic forces presenting new challenges and opportunities that require all of us to adapt and evolve.”