Press releases

Legal & General makes new appointments to Mastertrust Board and IGC

Legal & General Investment Management (LGIM) has announced the appointment of three new trustees to the L&G Mastertrust Board and a new member to its Independent Governance Committee (IGC).

7 Apr 2020

Full press release

Mark Cliff (2020 Trustees), Catherine Redmond (BESTrustees) and Robert Thomas (Law Debenture) joined the Mastertrust Board on 5 April 2020, alongside existing trustees Dermot Courtier, Moira Beckwith and David Butcher. They replace Ali Toutouchni (independent) and Rachel Brougham (BESTrustees), who are stepping down from the Board to focus on their roles as members of the IGC, with Ali also taking on a new role as Independent Chair of L&G Unit Trust Managers; and Steve Carrodus (PTL), who is retiring from the industry.

As a result of Steve Carrodus’ retirement, Mark Ashworth from Law Debenture is also being appointed to the IGC in April. This follows Kim Brown’s appointment as Pension Scheme Director to the Mastertrust and IGC in February of this year; Kim has already started to build out her team to ensure the Board and IGC are well supported.

Launched in 2011, the Legal & General Mastertrust manages £8.8 billion in assets, on behalf of more than a million members and was one of the first Mastertrusts to receive authorisation from the Pensions Regulator (TPR) in 2019.

Dermot Courtier: "Mark, Catherine and Robert bring a wealth of industry experience and insight that will increase the blend of skills across our Board. Their appointments are timely as the Mastertrust approaches £9 billion of assets under management and we look to balance the demands of an increasingly complex regulatory framework with our ambition to remain at the forefront of market and industry innovation.

Ali and Rachel have been valued contributors to the Board and I am pleased that we will continue to benefit from both their insights and commitment to scheme members as representatives on the IGC. As one of our longest standing trustees, I would like to thank Steve for the significant role he has played since the mastertrust was first established in 2011 and wish him all the best in his retirement and future endeavours." 

Emma Douglas: "As one of the largest Mastertrusts in the UK, these new appointments position us well for future growth, and will help keep us abreast of the rapidly changing pensions landscape, as we look to offer compelling investment solutions and new ways to address long-term retirement planning for members."


Mark Cliff

Robert Thomas

Catherine Redmond

Mark Ashworth

L&G Mastertrust Board:

  • Dermot Courtier – Chair
  • Moira Beckwith – Trustee
  • David Butcher – Trustee
  • Catherine Redmond – BESTrustees
  • Mark Cliff – 2020 Trustees
  • Robert Thomas – Law Debenture

Independent Governance Committee (IGC)

  • Dermot Courtier – Chair
  • Mark Ashworth – Law Debenture
  • Rachel Brougham – BESTrustees
  • Daniel Godfrey – Independent
  • Joanne Segars – Independent
  • Ali Toutounchi – Independent

Adam Kirby, JPES Partners
0207 5207 634

  1. LGIM internal data as at 31 December 2019. The AUM disclosed aggregates the assets managed by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong. The AUM includes the value of securities and derivatives positions.


Compliance Reference : DC131MAR

Notes to editors

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with over £1.2 trillion in total assets under management* of which a third is international. We also provide powerful asset origination capabilities. Together, these underpin our leading retirement and protection solutions: we are a leading international player in pension risk transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Through inclusive capitalism, we aim to build a better society by investing in long-term assets that benefit everyone.

*at 31 Dec 2022

Legal & General Investment Management

Legal & General Investment Management is one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.29 trillion1. We work with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.

For more than 50 years, we have built our business through understanding what matters most to our clients and transforming this insight into valuable, accessible investment products and solutions. We provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property, and cash. Our capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.

1Globally, we manage assets of £1.42 trillion or CHF 1.75 trillion as at 31 December 2021 (source: LGIM internal data as at 31 December 2021). The data combines assets under management by LGIM in the UK, LGIMA in the US and LGIM Asia in Hong Kong. Assets under management include securities and derivatives positions.

*at 11 Jan 2023


Past performance is not a guide to the future. The value of an investment and any income taken from it is not guaranteed and can go down as well as up, you may not get back the amount you originally invested. For illustrative purposes only. Reference to a particular security is on a historical basis and does not mean that the security is currently held or will be held within an LGIM portfolio. The above information does not constitute a recommendation to buy or sell any security. Views expressed are of LGIM as at 3 January 2023.


In the European Economic Area, it is issued by LGIM Managers (Europe) Limited, authorised by the Central Bank of Ireland as a UCITS management company (pursuant to European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011), as amended) and as an alternative investment fund manager with "top up" permissions which enable the firm to carry out certain additional MiFID investment services (pursuant to the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013), as amended). Registered in Ireland with the Companies Registration Office (No. 609677).  Registered Office: 70 Sir John Rogerson's Quay, Dublin, 2, Ireland. Regulated by the Central Bank of Ireland (No. C173733).

LGIM Managers (Europe) Limited operates a branch network in the European Economic Area, which is subject to supervision by the Central Bank of Ireland. In Italy, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Commissione Nazionale per le società e la Borsa ("CONSOB") and is registered with Banca d'Italia (no. 23978.0) with registered office at Piazza della Repubblica 3, 20121 Milan, (Companies' Register no. MI - 2557936). In Germany, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the German Federal Financial Supervisory Authority ("BaFin"). In the Netherlands, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Dutch Authority for the Financial Markets ("AFM") and it is included in the register held by the AFM and registered with the trade register of the Chamber of Commerce under number 74481231.Details about the full extent of our relevant authorisations and permissions are available from us upon request. For further information on our products (including the product prospectuses), please visit our website.