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L&G looks to develop fund range

Legal & General Investment Management is looking at expanding its range of actively managed funds with the launch of strategic bond, high-alpha and hedge fund products.

The news comes in the same week that L&G IM ditched its European equities team of four, headed by Alia Baig, and moved its underperforming 156m European fund to its passive management team while it seeks replacements.

New global head of fixed income Roger Bartley, who started this week, is looking to develop the group’s fund range and is expected to push its actively managed products.

Fixed-interest fund mana- ger Malcolm White says: “It is still at an early stage but I am looking at more strategic bond and high-alpha products and I am talking to Roger about it.”

New product development director Simon Pistell says after the successful launch of its Japanese hedge fund, the group is looking at further launches although these are at an early development stage.

Commenting on L&G IM dismantling its European equity desk, Hargreaves Lansdown senior analyst Meera Patel says: “For three years, L&G has been trying to make a go of this active fund so I admire them for making this change. Three years should be long enough to prove yourself.”

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