Legal & General Investment Management (LGIM) chief executive officer Mark Zinkula will be stepping down.

Due to take effect in August next year, Zinkula will be retiring, the group said.

LGIM added that it will start the process to appoint his successor in due course.

Zinkula (pictured) was appointed as CEO of LGIM in March 2011. Prior to that he served as CEO of LGIM America from 2008. Before joining LGIM he worked as global head of fixed income at Aegon Asset Management.

A year after becoming CEO of the company, Zinkula was also appointed to the group board as an executive director.

He commented: ‘Leading LGIM over the past several years, a period of significant transformation and growth, has been a real privilege. It has been a pleasure to work with such committed colleagues at LGIM and I'm proud of what our talented leadership team has accomplished.

‘They have created a truly unique, collaborative and client-focused culture, which has driven the successful expansion of our business. We are well positioned for the future and I believe next year will be the right time to step down. By giving notice now, we will have ample time to plan for my successor.’

Nigel Wilson, group chief executive of Legal & General, added: ‘Mark is and has been a first class CEO of LGIM and a terrific colleague. LGIM is in great shape and now manages just under £1 trillion of AuM.  I am very grateful for his 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. ‘