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9 Jan 2007

Hedge Fund Manager Hired by L&G

Legal & General, the UK pension fund worth £218 billion, has appointed former hedge fund executive Ian King as head of L&G's active European equities. He was involved in 2006 in establishing KDR Europe, a European equity hedge fund, according to Reuters.

King will hold the post beginning from the end of January, the strategy is to revive its European active equity team after staff exits last year. His move to Legal & General Investment Management bucks a recent trend of managers at traditional asset management firms moving into the fast-growing hedge fund arena.

In a statement L&G said, "His (King's) immediate task will be to rebuild the active European equity team with the intention that the European equity portfolios are returned to active management by the mid-year." Before his work at KDR, L&G said, King worked at American Express Asset Management International for more than 10 years.

Legal & General is one of Britain's top 50 FTSE companies, with over 5.4 million customers L&G employs over 8,800 staff. The company has operations in the USA, France, the Netherlands and Germany, as well as the UK.

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