UK - David Rough has announced his early retirement as group director of investments from UK life assurers Legal & General to "develop new interests and a portfolio life."
Rough will exit L&G’s board at the end of December, making room for his successor, Tim Breedon, who is currently managing director, index funds.Rough will remain with the firm to assist with the transition of responsibilities until June 30, 2002.
Rough said that L&G would now be looking to drive its indexing activities into Europe:
After 10 years, I believe an important phase in our development has been successfully completed. The next phase of development, which will including boosting our active management team and taking our index capabilities into Europe, requires management committed for, I believe, at least the next 5 years.
“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.”
Rough joined L&G in 1989 from Royal Insurance, and took up his current position in June 1991. He saw the firm’s funds under management experience a 20% per annum growth rate. During his directorship the group funds rose from £18.5bn (£2.5bn was external funds), to £113bn (of which more than £70bn was external funds) at the end of June 2001.
He remains a non-executive director of BBA Group; a director of Mithras Investment Trust and Legal & General Select Investment Trust, and chairman of the ABI Investment Committee.
Breedon joined L&G in 1987. He became director of index funds in 1994 and was promoted to managing director at the beginning of the year.
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