LGIM’s Asia head exits in shakeup; $25b shifted to UK

The UK’s biggest fund house has shaken up its Asia business resulting in the departure of its regional chief and two other executives and the transfer of management for $25 billion of clients' passive equity assets to London from Hong Kong. Legal & General Investment Management (LGIM) saw David Peng, head of Asia Pacific ex-Japan, and Paul So, Asia Pacific head of index funds, leave at the end of December. Senior fund manager Kelvin Tong is due to follow suit soon, according t…