Legal&General says it will take up to 5 years to roll out its index tracking business on the Contine...
Legal&General says it will take up to 5 years to roll out its index tracking business on the Continent.
The admission came as board member David Rough, current group director of investments, announced his intention to step down from the board by the end of this year and retire fully from L&G by next summer.
Rough will be replaced by Tim Breedon, who is currently managing director of index funds for L&G.
Rough said that it was tough to step down after 10 years at the company, but he had to make the decision ahead of the next stage in L&G's strategy for its index-linked fund products.
"The next phase of development, which will include boosting our active management team and taking our index capabilities into Europe, requires management committed for, I believe, at least the next five years," Rough said.
"I am therefore in a position where I can either choose to stay for that period or alternatively develop new interests and a portfolio life. I have chosen the latter route."
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