Legal and General IM 

L&G replaces Penny with Mirabaud's White

L&G replaces Penny with Mirabaud's White

Legal & General Investment Management has appointed Robert White to run its £250m Legal & General UK Special Situations trust.

Mr White joins as lead manager of the trust.

Richard Penny managed the trust until earlier this year, when he resigned to join Crux Asset Management.

The LGIM trust has been run since Mr Penny’s departure by Gavin Launder since the start of 2018, and has lost 17 per cent year to date.

That compares with a loss of 9 per cent for the average fund in the IA UK All Companies sector in the same time period.

Mr White previously worked as a UK equity fund manager at Mirabaud Asset Management.

Nick Hartley, co-head of active equities at LGIM, said: "We are delighted to welcome Robert who will complement the team’s expertise and experience well.

"He has typically focussed on in-depth fundamental analysis and constructed portfolios through bottom-up, stock selection throughout his investment career.

"This development will further strengthen the Active Equity UK large cap team, and will ensure we continue to deliver value for investors."

When asked for his thoughts on the change of management Darius McDermott, managing director of Chelsea Financial Services, said he isn't familiar with Mr White but rated Mr Penny very highly.

david.thorpe@ft.com