UK insurer Legal & General thinks the resignation of Bill Gross from Pimco two months ago could create "opportunities" for its growing fixed income asset management business in the US, its investment chief said today.

Speaking to analysts following the announcement of the insurance group's third-quarter results, Mark Zinkula, chief executive of Legal & General Investment Management, said his US operation could benefit as institutional investors, in particular, reassess their money management contracts with Pimco over the coming months.