Legal & General Capital has hired Karen Bashford as chief operating officer as the business bids to expand its international footprint and operations.
LGC says it continues to expand aboard and transition its business from an alternative asset origination platform, to a multi-boutique manager, using third-party investment across clean energy, housing, venture capital, specialist commercial real estate and digital infrastructure.
The unit says it is making “good progress” against its ambitions to build its alternative assets under management to £5bn by 2025 (from £4.2bn in 2022), with a blended portfolio return target of 10% to 12%.
It expects to invest and manage over £30bn of alternative assets under management by 2025.
The business adds it is “making significant progress” in expanding its business model, announcing its first US projects with joint venture partner Ancora last year.
It says Bashford, who takes up her post in July, has been brought in to help the firm meet its targets, bolster attractive risk-adjusted returns for shareholders and attract further third-party capital.
Bashford was most recently head of enterprise change at Schroders. Her role included onboarding large asset tranches, such as £7bn of real estate business.
She has also overseen the delivery of major infrastructure, regulatory and efficiency programmes.
Prior to her nine-year stint at Schroders, Bashford 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.
Legal & General Capital chief executive Laura Mason says: “Karen will continue to support LGC 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.”
Bashford adds: “LGC has built a strong, scalable platform, while meeting its purpose to invest society’s capital for society’s benefit.”
