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Chambers to leave LGIM

City A.M. Reporter
THE chief executive of Legal & General Investment Management, the institutional giant which owns five per cent of the UK stockmarket, is to step down in September after nearly five years at the helm.

Peter Chambers, 52, said he would spend a quiet summer with his family before leaving in the autumn. A successor has yet to be named. Tim Breedon, group head of L&G, said: “I would like to thank Peter for his significant contribution to the group over the past four years and wish him all the best.”

Chambers was brought in to replace Breedon, who moved up to the top job, in 2005. During his stint LGIM has grown its assets under management from £233bn to £315bn, becoming an increasingly important part of the L&G group.

Prior to LGIM, Chambers was chief executive of Framlington and chief investment officer at Gartmore.