Legal and General names new chief

City A.M. Reporter
Legal & General Investment management unit, the largest pension funds manager in the UK, has promoted the head of its American operations to chief executive as it eyes international business.

Legal & General named Mark Zinkula to head Legal & General Investment Management (LGIM), which has £342bn in funds under management.

Zinkula has been the chief executive of Legal & General Investment Management America (LGIMA) since 2008.

"Mark's appointment as cjief executice of LGIM,...signals the group's ongoing commitment to expand LGIM in international markets," L&G said in a statement.

"Asset management is an increasingly valuable core business for the Legal & General Group," said Tim Breedon, L&G group chief executive.

Zinkula succeeds Kevin Gregory, COO and interim LGIM CEO, who took over in April 2010 after Peter Chambers announced his retirement. Zinkula will report to Breedon.