Legal & General Investment Management America (LGIMA), a Chicago-based registered investment advisor, has launched its US index fund management business.
The new fund management business will adopt a model that has proved successful by its UK-based partner, Legal & General Investment Management (LGIM).
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The US operation has recently taken on $60bn in pension assets from LGIM, more than doubling its assets under operation and hiring two members to the index fund team.
Mike Craston, CEO of LGIMA, said: "The US index fund business provides the institutional pension market with a fresh alternative, diverse product offering, and level of service that is centered on transparency – free from those conflicts of interest encountered in asset management firms which are also involved in banking custody, fund accounting, or securities lending."
Chad Rakvin, head of US index funds at LGIM, said: "We expect the movement from traditional active management to index and alternative beta strategies will continue to accelerate, driven by the investor’s increasing appetite for transparency and lower cost implementation."
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