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View the article online at http://citywire.co.uk/wealth-manager/article/a739394

L&G manager exits following Global Macro fund closure

by Eleanor Lawrie on Mar 07, 2014 at 16:42

L&G manager exits following Global Macro fund closure

Legal and General's Ben Gill has left the firm as it moves to close the £222 million Global Macro Themes fund.

'Legal & General regularly reviews its fund proposition and can confirm that we are closing the Global Macro Themes fund,' a spokesperson for the firm said. 

'A submission to seek to wind up the Fund has been approved by the Financial Conduct Authority and all external investors have been written to outlining their options. This action only involves the Global Macro Themes Fund and does not affect any other fund run by Legal & General.'

Gill (pictured), who joined L&G in 2008, took on the fund in 2011 when it was still the Diversified Return Trust, after existing manager David North took sick leave

The fund changed its name and objective in the fourth quarter of 2011, moving from the IMA Absolute Return Sector to the IMA Specialist Sector. Over the three years to the end of January the Global Macro Themes fund posted a 15.4% loss, while the Alternative Ucits Global Macro Sector average was -3.7% over the same period.

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