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LGIM America makes senior hires for index funds business

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Legal & General Investment Management America has expanded its capabilities for managing strategies for the US pension and institutional market with two senior index manager hires.

This marks a significant step for LGIMA, whose UK- based affiliate Legal & General Investment Management, is already a major provider of index fund management services to clients in Europe and Asia with over USD410bn of index funds under management as of 30 June 2013.
 
Chad Rakvin joins as head of US index funds, and will be based in Chicago. Rakvin has significant experience in this field and joins from Northern Trust Global Investments, where he was managing director of global equity index. Rakvin will have responsibility for developing a US index fund management business.
 
Shaun Murphy will join the newly formed US-based index team at the beginning of December as index funds – director. He joins from Northern Trust Global Investments, where he was director of international equity index.
 
Ali Toutounchi (pictured), global head of index funds at LGIM, says: "Index fund management is a core business for LGIM and has helped us grow to become one of the world's largest index managers, with more than 2,800 institutional index clients and more than USD410bn of index assets under management. LGIMA's new appointments underline the long-term plans and commitment to the US market, and strengthen the investment solutions that LGIMA provides to US institutional investors and pension plans with the addition of world class index capabilities."
 
Mike Craston, chief executive of LGIMA, says: "We are delighted to welcome Chad and Shaun to our firm. We believe market conditions are now right to action our plans to expand our index offering to the US domestic market. Chad and Shaun will help us to achieve our ambitions. LGIM has already established a solid track record in index management and has demonstrated its commitment to clients over 30 years, and now manages funds for many of the largest institutional investors and pension plans across the globe. This expansion in the US represents a significant foothold in a major market where there is considerable appetite for an index manager with our skills and expertise."

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