Friends Life Group plc has appointed Peter Gibbs as an independent director.

Gibbs will become a member of the board’s investment oversight committee.

He spent 16 years at Merrill Lynch and Mercury Asset Management Group (who were acquired by Merrill Lynch in 1997). Up until 2005 he held a series of senior executive roles including co-head of equity assets worldwide and most recent, chief investment officer (non US) at Merrill Lynch.

Since 2005, Gibbs has held a number of notable non executive director positions. These include board roles at Intermediate Capital Group plc, UK Financial Investments Ltd and Evolution Group plc.

Sir Malcolm Williamson, chairman of Friends Life Group plc, said: “I am very pleased to welcome Peter to the Company. Peter’s enviable background will prove vital at this important juncture