Finance director to quit Phoenix Group

Closed life assurance fund consolidator Phoenix Group is set to generate around £800m of cash at the operating company level in 2011, slap bang in the middle of its stated target range, and up from last year's £734m. Group Finance Director, Jonathan Yates, will be leaving the group at the end of February of next year to take up the position of Chief Executive at Guardian Financial Services. Paul Miles, currently Deputy Group Finance Director, will become Acting Group Finance Director with immediate effect.