Emiel van den Heiligenberg, head of asset allocation at the group since August of this year, will lead asset allocation and macro research and will take on the responsibility for the management of LGIM’s multi-asset funds. The group launched a range of risk-targeted multi-asset passive funds in August of this year, the Legal & General Multi-Index 3, 4, 5, 6 and 7 funds, which have exposure to equities, bonds and direct property. The group also has an existing active range.
Aaron Meder, head of the solutions group, will continue to develop LGIM’s liability-aware, multi-asset strategies such as the Pre-retirement fund range, alongside his existing responsibilities in the Solutions Group. The group said that the changes were designed to help build out its multi-asset capabilities and provide a platform from which to launch new products and solutions for the institutional pension and retail investment markets.
It added: “There will be close links between the asset allocation and solutions activities undertaken by the respective teams, as they will be building on the common multi-asset investment framework. This collaboration will enable both teams to benefit from idea generation and risk management techniques that are derived from the full range of mandate and client groups.”
The group has been adding to its multi-asset team over the past year. In August, it appointed Justin Onuekwusi from Aviva Investors as a fund manager to work across the retail and risk-profiled multi-asset funds. The strategic investment and risk management team, which specialises in multi-asset solutions and pooled funds, was 19-strong.
The group’s passive funds have not been running long enough to have a meaningful track record. Of the remaining multi-asset funds, the best performer is the group’s Distribution fund, which is second quartile in the Mixed Investment 20-60% Shares sector over three years. The Multi-manager range has had a run of difficult performance, with each of the Balanced, Growth and Income funds fourth quartile in their respective sectors over one and three years.