UK – Tim Breedon, group director of investments at Legal & General Investment Management, is to take over from L&G group chief executive David Prosser.

Asked about his replacement at LGIM, a spokesman said: “Nothing's really been said on that all.”

Breedon, 47, will become deputy CEO from June 1 and succeed Prosser when he retires after 14 years in the role. As deputy CEO Breedon will remain head of LGIM until he takes the top job, the spokesman added. It was too soon to say whether Breedon’s replacement would be an internal or external candidate.

LGIM’s top executives include Barry Holman, MD of index funds, Mark Burgess, head of active equities, Mike Craston MD of corporate pensions, Michael Hayden, director of marketing and Kevin Gregory, chief operating officer.

Breedon has been director of investments since 2002.

“Tim has been a key member of our successful executive team for three years,” said chairman Rob Margetts. “He is an exceptional individual with an outstanding track record of building a remarkably successful and profitable business in Legal & General Investment Management and he was the unanimous choice of the board.”

He said the board made its choice from a group of both internal and external candidates.

Prosser said Breedon has “all the qualities required to be an excellent chief executive”.

“Running a £167bn investment management business brings heavy responsibilities, both operational and fiduciary. Tim Breedon has shouldered these with ease and is entirely ready for the step up which he will soon take.”

LGIM, the largest equity investor in the UK, gained £3.4bn in new business in the first quarter of 2005.