Mark Zinkula, CEO of Legal & General Investment Management, will step down on Aug. 31, 2019, the money manager said Thursday.
No immediate successor was named. "We don't expect to find a replacement this year as it will be a thorough process. We will search internally and externally," a spokesman said.
"I am very grateful for (Mr. Zinkula's) excellent stewardship. I look forward to working with him in this next phase, building on this success, and in due course the appointment of his successor. (Mr. Zinkula's) truly espouses Legal and General's culture and values and we will miss him," Nigel Wilson, group CEO of Legal & General, said in the release.
Mr. Zinkula became LGIM's CEO in March 2011 and was appointed to the board of parent Legal & General in September 2012. A source close to the firm said Mr. Zinkula intends to return to the U.S.
LGIM manages just less than £1 trillion ($1.3 trillion) in assets under management.