Legal & General is set to appoint a new chief investment officer following the decision of David Rough to retire as director of investments at UK life assurer Legal & General, after ten years in the saddle.

During Rough's tenure, L&G developed an enormously successful passive management operation which has been by far the main contributor to a £1bn (€1.6bn) per month gain in funds under management since 1998. Tim Breedon, passive funds managing director, will succeed Rough as director of investments.

Mike Foster

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