L&G appoints WestLB Mellon’s Stommel head of credit

Legal & General Investment Management has hired Marion Stommel from WestLB Mellon Asset Management as head of credit, after its investment business reported outstanding first half results last month.

Stommel’s new role will include developing the firm’s international business as it seeks to grow its global offering. She will be based in London, reporting to Roger Bartley, head of fixed income.

She joins from WestLB Mellon Asset Management, a joint venture between WestLB and The Bank of New York Mellon, where she managed the credit team and developed international business since 1998.

Net inflows into the investment management business were £4.0bn, a jump of 33% compared to H1 2011. Operating profit increased to £119m from last year’s £117m, while assets under management grew 3% to £381bn.

Fixed income proved the most popular strategy. Gross inflows from this asset class were up 67% to £3.5bn (H1 2011: £2.1bn).

Last week, the firm also expanded its fixed income offering with the launch of a new corporate bond fund. The Sterling Corporate Bond Index Fund will track the performance of the Markit iBoxx Sterling Non-Gilts ex BBB.

L&G’s investment management business has £381bn in assets under management in equities, fixed income, commercial property and cash. It offers both index-tracking and active strategies, as well as liquidity management and liability.

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