Head of US equities Nigel Holland has left Legal & General Investment Management (Lgim), Investment Adviser understands.
Mr Holland had spent more than 17 years working at Lgim, rising to be head of its US active equities team.
But he left the firm at the end of July after Lgim merged away his £116.8m L&G North American fund into its £2.6bn L&G US Index fund.
Mr Holland only took on the management of the fund in July 2013, following a reshuffle of several of Lgim’s active equity funds.
But he was unable to turn around performance on the fund, which at the time of its merger, was in the bottom quartile for performance in the IMA North America sector across one, three and five years.
Mr Holland is the latest in a string of active manager departures from Lgim.
In July 2013, the firm removed UK equities manager Robert Churchlow, US equities manager Melanie Jenner and Pacific equities manager Lloyd Branford from their funds; all three subsequently left the firm.
This year fund buyers began to question the firm’s commitment to active management after star bond manager Richard Hodges quit in April. The company handed Mr Hodges’s Dynamic Bond Trust to Martin Reeves, who is maintaining its strategy.
Elsewhere, Guy Rushton left Lgim in May after the firm decided to close his £88m UK Absolute fund and abandon long/short equity strategies.
Lgim declined to comment.
