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L&G US equity head quits in latest manager departure

L&G US equity head quits in latest manager departure

Legal & General Investment Management's head of US equities Nigel Holland has left the firm, after his fund was merged away last month.

Holland's £116.8 million L&G North American trust was merged in to the L&G US index trust, leaving the firm without an active US fund. The North American trust was bottom quartile over one, three and five years and L&G said its passive US fund 'has a similar risk and return profile but has a superior long-term track record to date'.

At the same time, the firm merged Paul Hilsley's Pacific Growth trust into his Asian Income fund.

Holland's exit follows that of Dynamic Bond Trust manager Dickie Hodges in April and UK manager Guy Rushton in May.

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