Legal & General Investment Management has appointed a new global head of index funds as Ali Toutounchi retires from the role.
Chad Rakvin will suceeed Toutounchi, taking control of the London, Chicago and Hong Kong index teams and £274.7bn of assets. He was previously head of US index funds at LGIM’s America business.
Toutounchi’s retirement was announced at the start of this year, when the hunt for his successor began.
LGIM head of investment Aaron Meder says: “Chad has performed a pivotal role in establishing the foundations of our significant growth in the US market where we now manage in excess of $64bn [£42.2bn] in index assets.
“As we continue to grow in international markets, it is key that we have a strong leader with a global vision for our overall index business. Succession to Ali has been a core focus for us since we first brought Chad into our US business.”
L&G saw continued outflows from its index business in the first half of the year, seeing £1.5bn of net outflows for the funds, of which £1.2bn was external assets.
However, these outflows were significantly better than the same period the previous year, when £8.3bn left the strategies.
The firm has also announced that Eve Finn has been hired in the new role of head of portfolio solutions, where she will focus on those products with targeted outcomes, rather than those pegged against a benchmark.
In the first half of the year LGIM saw £12.3bn of inflows to its portfolio solutions business, taking assets in the strategies to £308.2bn.