Davies arises to head Phoenix

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The Independent Online

Phoenix Group, the life fund that looks after policies on behalf of six million savers, swapped one City grandee for another yesterday when it appointed Sir Howard Davies as chairman.

He will replace Ron Sandler in October. Sir Howard led the Financial Services Authority between 1997 and 2003, a tenure not without controversy. Phoenix's operating profit for the half year was £207m, up from £136m.

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