Phoenix loses Finance Director

Phoenix Group said its Finance Director, Jonathan Yates, is to leave the closed life assurance fund consolidator at the end of February of next year.

Yates, who has been appointed Chief Executive at Guardian Financial Services, has been with Phoenix for 18 months.

His deputy, Paul Miles, will take over on an acting basis with immediate effect while the board searches for a permanent replacement.

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The company said it 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.

"As a closed life fund company, cash generation is our key metric," said Phoenix Chief Executive Clive Bannister, as he hailed the achievement of generating £800m as a "significant achievement".

Phoenix, consolidates closed life funds and then manages them through its subsidiary Ignis Asset Management. It currently has £68bn under management.

Phoenix shares have fallen by 17% so far this year.

BS/JH