EUROPE - Legal & General Investment Management (LGIM) has appointed Mark Zinkula as its next chief executive, subject to regulatory approval.

Since 2008, Zinkula has been head of LGIM's operations in the US. He had been an independent director at LGIMA - a Chicago-based investment adviser specialising in fixed income and liability driven investment (LDI) for the US institutional market - since its inception in 2006.

Before he joined the company, he served as global head of fixed income at Aegon Asset Management, as well as treasurer and chief financial officer at Cornell College.

LGIM said its appointment of Zinkula was a signal its intention to further develop its index-fund range with actively managed products and LDI solutions.

Strong new business growth in LGIM's LDI business helped boost profits for 2009 considerably. Last March, the company said increased derisking activity by pension fund clients had pushed LDI assets under management to £29.9bn (€33.5bn), a 31% year-on-year increase.

The company is currently the largest manager of pension fund assets in the UK, with more than £340bn in funds under management.