U.S. Markets

Legal & General moves Asian fund team from London and Chicago to Hong Kong

LONDON (Reuters) - The fund management arm of insurer Legal & General is moving the management of its Asian equity index funds to Hong Kong from London and Chicago, it said on Thursday.

The funds, which collectively manage $290 billion in assets, will move in the fourth quarter, Legal & General Investment Management (LGIM) said in a statement.

This follows the switch last week to Hong Kong of the trading and execution of Asian equity orders as well as the appointment of Danny Kwok as head of Asia Pacific equity trading, LGIM said in a statement.

“By having local execution, fund management expertise, fund vehicles and infrastructure, we will be better able to respond to regional opportunities and client needs,” said Alan Flynn, Head of LGIM Asia, in the statement.

European asset manager LGIM manages 902 billion pounds ($1.19 trillion) in assets, making it one of the continent’s largest asset managers.

Reporting by Carolyn Cohn and Maiya Keidan; Editing by Rachel Armstrong