L&G multi-managers to leave firm

Legal & General Investment Management’s (LGIM) multi-manager duo Tim Gardner and Alan Thein have left the business following a restructure, the group has said.

The company said Legal & General Investments (LGI) moved its reporting lines into LGIM last year and so Emiel Van Den Heiligenberg, who heads up the multi-asset team, changed the approach of the multi-manager funds “to align [them] more closely with clients’ investment objectives”.

LGIM said because of the restructure Mr Gardner and Mr Thein had left the business.

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The duo’s Multi Manager Balanced, Multi Manager Growth and the Multi Manager Income funds will now be managed by the asset allocation team on a “best in class basis”, in line with the approach followed for other multi-asset funds managed by the group.

The company said the funds would now be run by Justin Onuekwusi with “support and input from the wider asset allocation team”.

Mr van den Heiligenberg, head of asset allocation at LGIM, said: “We are totally committed to our multi-asset business, where we have been active for more than 30 years.

“Most recently, we launched a number of diversified funds. These include our Multi-Index funds, which financial advisers and their clients already recognise as a strategically important development for LGIM.

“Multi-manager also remains a key strategy for us.”

Mr van den Heiligenberg said the company had made a number of multi-asset hires including Brce White, martin Dietz and Mr Onuekwusi.

In addition, earlier this year Willem Klijnstra and Chris Jeffery joined as strategists within the tactical asset allocation research & strategy area.