António Simões: A Visionary Leader in Global Finance and Insurance
António Simões is a renowned business leader in the financial services industry, widely recognised for his transformative leadership, international experience, and commitment to diversity and inclusion. In January 2024, he assumed the role of Group Chief Executive Officer of Legal & General (L&G), one of the UK’s most important financial services and insurance institutions. Over nearly three decades, António Simões has built a career that spans top consulting firms, global banks, and now the leadership of a company with a rich heritage and deep impact on society.
This article explores his journey, professional achievements, personal values, and his vision for Legal & General, positioning him as one of the most influential figures in European and global finance.
Early Life and Education
Born on 12 March 1975 in Portugal, António Simões grew up with a passion for learning and international perspectives. He has always emphasised the value of education as a driver of opportunity and social mobility, a principle that shaped his career and philanthropic commitments.
He studied Economics at the Nova School of Business and Economics in Lisbon, graduating with distinction. Later, he pursued advanced studies at the Columbia Business School in New York, where he earned a Master of Business Administration (MBA) in Finance and Economics. During this period, he was a teaching assistant for Managerial Economics and Capital Markets and became a member of the prestigious Beta Gamma Sigma honour society.
His educational journey also included time at SDA Bocconi in Milan through an exchange programme, and the Harvard Kennedy School, where he completed the Global Leadership and Public Policy programme in 2013.
Early Career at McKinsey & Goldman Sachs
António Simões began his professional journey at McKinsey & Company in 1997, where he worked for a decade. Rising to the level of partner, he specialised in financial services, serving clients across Europe and beyond. His time at McKinsey gave him a strong foundation in strategy, transformation, and leadership within complex organisations.
In 2000, he briefly joined Goldman Sachs as an associate, gaining valuable experience in investment banking before returning to his consultancy career. These formative years prepared him for the dynamic challenges of global banking.
Rise at HSBC
In 2007, António Simões joined HSBC, marking the start of a highly influential chapter in his career. Over thirteen years, he held a series of senior leadership roles across multiple geographies, shaping the bank’s strategy and operations.
Strategy and Planning Leadership
From 2007 to 2011, he served as Group Director of Strategy and Planning and Chief of Staff to the Group CEO in London and Hong Kong. His role placed him at the heart of HSBC’s global decision-making, where he oversaw critical strategic initiatives.
CEO of HSBC UK
In 2012, he became Chief Executive Officer of HSBC UK, responsible for more than 43,000 employees. His leadership covered retail banking, commercial banking, global banking and markets, and private banking. This role established him as a trusted and dynamic leader within the financial sector.
CEO for Europe and Global Private Banking
By 2015, Simões was appointed CEO for Europe, overseeing HSBC’s presence across 23 countries, with responsibility for 70,000 employees and 18 million customers. Later, from 2018 to 2020, he became CEO of Global Private Banking, focusing on wealth management and strengthening HSBC’s global presence in private banking services.
Leadership at Banco Santander
In September 2020, António Simões joined Banco Santander as Regional Head of Europe, based in Madrid. His responsibilities included overseeing Santander’s operations across major European markets, including the UK, Spain, Portugal, and Poland.
Between April 2021 and February 2023, he also served as Chief Executive Officer of Santander Spain, one of the bank’s most significant markets. During this period, he drove growth, innovation, and operational efficiency, further solidifying his reputation as one of Europe’s top financial executives.
Group CEO at Legal & General
On 1 January 2024, António Simões assumed the role of Group Chief Executive Officer at Legal & General Group Plc, succeeding Nigel Wilson. Founded in 1836, L&G is a cornerstone of the UK’s insurance and financial services industry, managing pensions, investments, and retirement solutions for millions of customers.
Simões has described being drawn to Legal & General by its heritage, people, and culture, as well as its mission to combine financial success with a positive societal impact. His leadership is characterised by strategic clarity, restructuring, and a vision to create long-term value for both shareholders and society.
Strategic Overhaul
Since taking over, Simões has embarked on a rigorous strategic review of Legal & General. He has reorganised the group into three core divisions:
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Institutional Retirement
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Retail
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Asset Management
This restructuring is designed to simplify the company’s business model, sharpen focus, and unlock greater international opportunities.
Capital Returns and Shareholder Value
Under his leadership, L&G launched a £200 million share buyback, signalling confidence in the company’s financial strength and commitment to rewarding shareholders.
Growth Ambitions
He has set ambitious targets, including:
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Expanding pension risk transfer business to £50–65 billion by 2028.
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Generating £40–50 billion in net flows from defined contribution pension schemes over five years.
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Streamlining the company’s asset management units to strengthen its global positioning.
Although these changes initially caused some volatility in share prices, his clear strategy has been welcomed as a necessary transformation for long-term growth.
Commitment to Diversity and Inclusion
António Simões is widely recognised for his advocacy of diversity and inclusion in business. He is openly gay, married to Tomas, and together they have two children. His openness and advocacy have made him a role model in the corporate world, championing authenticity in leadership.
He has frequently spoken about the importance of creating inclusive workplaces where all employees feel empowered to contribute and succeed. His recognition as a diversity champion underscores his belief that strong leadership is rooted not only in financial results but also in cultural and ethical values.
Philanthropy and Public Engagement
Beyond his corporate responsibilities, Simões serves as a Trustee of The King’s Trust International (formerly The Prince’s Trust International). In this role, he helps create opportunities for young people around the world to reengage with education, find employment, or start their own businesses.
His personal story reflects the transformative power of education, and he remains deeply committed to extending similar opportunities to the next generation.
Personal Life
António Simões lives in London with his husband and their two children. He has often expressed how important family is to him, noting that his professional success is complemented by a strong and supportive personal life.
His life journey, from growing up in Portugal to leading one of the UK’s most influential financial groups, reflects resilience, vision, and an unwavering belief in the potential of people and institutions to drive positive change.
Recognition and Influence
Simões was recognised as a Young Global Leader by the World Economic Forum in 2009, a distinction reserved for the most promising leaders shaping the future of business and society. He has also been acknowledged for his leadership in diversity and inclusion, often featuring in global rankings of LGBT business leaders.
His influence extends beyond corporate boardrooms into wider public discussions on the role of finance in addressing global challenges such as ageing populations, sustainability, and inclusive economic growth.
Conclusion
António Simões is far more than the Group CEO of Legal & General. He is a leader defined by his global perspective, deep expertise in financial services, and his commitment to social responsibility and inclusion. From his early days in Portugal to his rise through McKinsey, HSBC, Santander, and now Legal & General, his career is a testament to the power of education, hard work, and authenticity.
As he guides Legal & General into a new era, António Simões embodies the qualities of a modern leader: visionary, strategic, inclusive, and socially conscious. His journey continues to inspire not only those within the financial sector but also individuals who believe in the transformative power of leadership.
