Mark Benstead was appointed senior portfolio manager within Legal & General Investment Management's U.K. credit team, a spokeswoman said.
Mr. Benstead, who will join July 7, will take on some of the responsibilities left vacant following the departure of Michel Canoy, who was a senior portfolio manager on the credit team, the spokeswoman said. Mr. Canoy left late last year and joined Natixis as global head of credit trading.
The U.K. credit team, which is led by Robert Barnard-Smith, head of U.K. credit, manages more than £20 billion ($33.9 billion) in credit strategies, including assets for parent group Legal & General investment-grade unit trusts.
Mr. Benstead was previously head of sterling credit and smart beta credit at AXA Investment Managers. Mr. Benstead's “responsibilities have been taken on by the sterling credit team under the leadership of Graham Nicol, global head of credit,” a spokeswoman for AXA said in e-mailed comment. She also said the firm is in the process of recruiting a head of buy and maintain in London, who will take on global responsibility for the smart beta credit strategy.