Time commitment: c. 12 days per year

Remuneration: Market Competitive

Deadline: Monday 12th February 2024

The Legal & General SICAV (the “L&G SICAV”) is an open-ended investment company incorporated under the laws of Luxembourg as a société d’investissement à capital variable (“SICAV”) authorised and regulated by the CSSF as a UCITS. The L&G SICAV is LGIM's flagship actively-managed fund in the EU with strategies across active fixed income, active equity, multi-asset target return funds and LGIM’s Future World ESG fund range. It is a Luxembourg-domiciled UCITS fund with a current AUM of c. €10 billion. The SICAV is structured as an umbrella fund with 25 currently approved sub-funds.

LGIM Managers (Europe) Ltd

LGIM Managers (Europe) Limited (“LGIME”), the L&G SICAV’s management company, is a subsidiary in the Legal & General Investment Management (“LGIM”) group and is authorised and regulated by the Central Bank of Ireland (CBI) as an Alternative Investment Fund Manager and a UCITS management company. It is responsible to the L&G SICAV (either directly or through its delegates) for the provision of investment management services, administrative services.

Legal & General Investment Management Group

LGIM is the Legal & General Group’s investment management division, and LGIM’s purpose is to create a better future through responsible investing. LGIM strives to achieve this through a strong sense of partnership with its clients, working together to achieve positive long-term outcomes.

As one of Europe’s largest asset managers and a major global investor, with total assets under management of £1.16 tn* ($1.47tn, €1.35tn, CHF 1.31tn), LGIM works with a wide range of global clients, including pension schemes, sovereign wealth funds, fund distributors and retail investors.

For more than 50 years, LGIM’s business has been built through understanding what matters most to clients and transforming this insight into valuable, accessible investment products and solutions. LGIM provide investment expertise across the full spectrum of asset classes including fixed income, equities, commercial property, and cash, and capabilities range from index-tracking and active strategies to liquidity management and liability-based risk management solutions.

* LGIM internal data as at HY 2023. These figures include assets managed by LGIMA, an SEC Registered Investment Advisor. Data includes derivative positions.

As part of an orderly succession-planning process, the L&G SICAV is seeking to appoint an independent Non-Executive Director (“iNED”) to its Board of Directors. The L&G SICAV Board is collectively responsible for the overall management and control of the Company in accordance with its articles of association. The Board is further responsible for the implementation of each fund’s investment objective and policies as well as for oversight of the administration and operation of each fund. The Board delegates certain authorities to the Management Company in accordance with the Company’s L&G SICAV’s articles of association, the Prospectus and applicable law.

The iNED, as part of the Board, is expected to provide leadership of the Company within a framework of prudent and effective controls which enable risk to be assessed and managed. They should be an experienced profession in the funds industry with sufficient knowledge and experience to effectively oversee the fund’s delegates, and review investment performance. Further, they will also be expected to provide an independent perspective to the Board’s discussions and decisions including constructive challenge.

As an iNED, the successful candidate will be expected to:

• Exercise independent judgement and avoid any conflicts of interest
• Provide strategic advice to the Board, broadly from their own commercial backgrounds and specifically from a SICAV perspective
• Have sound financial acumen, with a deep understanding of asset management and investment strategies, to enable the iNED to scrutinise investment performance and provide constructive challenge
• Be proficient in financial analysis and decision-making, and seek to ensure that financial information is materially accurate, and internal controls and systems of risk management are robust and defensible
• Uphold standards of compliance with associated regulatory frameworks
• Promote and uphold LGIM’s high standards of corporate governance and ethical practices
• Provide a sound and informed contribution to, and enhance the quality of, the Board debate and be willing to challenge and contribute to robust decision-making processes
• Fully and effectively discharge responsibilities of a Director in accordance with all applicable regulatory and legal requirements for the Company

The successful candidate will be an experienced Director of Luxembourg-domiciled fund Boards or management companies. The ideal candidate should possess deep knowledge and expertise in Luxembourg investment funds, a comprehensive understanding of the fund Board's role, its management company, and the regulatory regime applicable to Luxembourg domiciled UCITS vehicles.

It is important for candidates to demonstrate experience and knowledge of CSSF regulatory requirements, as well as experience overseeing and challenging fund service providers, including senior executive-level involvement with entities like management companies, investment managers, depositaries, and administrators. Candidates will bring the requisite knowledge and experience to uphold the regulatory and statutory codes and standards associated with governing investment funds in Luxembourg.

Additionally, familiarity with cross-border distribution considerations for a Luxembourg-domiciled UCITS fund would be highly valuable, with a strong understanding of the potential risks facing an actively managed and globally distributed Luxembourg UCITS fund. Experience in managing and understanding regulations applicable to environmental, social, or governance (ESG) funds would also be advantageous. 

Candidates must reside in Luxembourg and be a member, previous member of, or have an affiliation with, Luxembourg asset management or fund industry associations or bodies.

The L&G SICAV will normally meet four times per year on a quarterly basis. However, the expected time commitment required for this role may increase as required to include (but not be limited to):

• Potential ad hoc meetings of the Board
• Potential meetings with service providers, regulators, legal advisers, external auditors and attendance at industry forums

All Directors should have sufficient time to meet their board responsibilities. 

The location of Board meetings will typically be the Company’s registered office in Luxembourg. There may be occasions when there is a requirement to visit other locations. This role is compensated and pre-agreed, reasonable travel expenses will be reimbursed.

Luxembourg