Legal & General Capital, the principal investment arm of Legal & General Group, have announced the appointment of RBS’ former Group Treasurer, John Cummins, as the Managing Director of Urban Regeneration and Clean Energy.
In this newly created senior role that reflects the business’ growth ambitions for these two strategic sectors, John will oversee all LGC’s direct investments in urban regeneration and clean energy as they continue to expand, evolve and mature, reporting directly to Kerrigan Procter, the CEO of LGC.
The head of Clean Energy, John Bromley, and head of Urban Regeneration, Rachel Dickie, will report into John, while continuing to bolster their respective teams.
John was previously Group Treasurer of RBS from 2007 to the end of 2016, where his main responsibilities included liquidity, balance sheet management, capital planning, long and short term funding, as well as interest rate and foreign exchange rate risk.
During this period he oversaw a reduction in all wholesale funding from £450 billion to £70 billion and was heavily involved in restructuring RBS’ group balance sheet as well as building its liquidity portfolios to around £150 billion.
In addition he ran various group wide programmes including preparations for ring fencing, the Scottish referendum, BREXIT and Libor remediation.
Prior to joining RBS he was Group Treasurer at Standard Life, where he spent over ten years. He has a MA from Oxford University and MBA from Bradford University.
Kerrigan Procter, CEO of Legal & General Capital, commented: “John brings with him a vast amount of experience and a passion to apply this to further Legal & General’s plans for socially useful and economically useful investment in urban regeneration and clean energy. Legal & General is unique in being able to bring together long-term capital and capability in commercial property, residential property and infrastructure investment.
“We feel privileged to work with partners in places such as Cardiff, Bracknell, Leeds, Salford and Newcastle to bring about meaningful change to cities and towns in the UK. But we can do much more. John will lead our effort to bring together the full range of capabilities Legal & General can offer with more partners in more towns and cities across the UK.”