Who’s Moving Where In Wealth Management? – L&G, Caledonia

Editorial Staff

9 October 2026

L&G
has appointed Ludovic Le Du as global head of exchange-traded funds and index distribution, with responsibility for expanding the asset manager’s indexed, systematic and actively managed strategies across markets and distribution channels.

Le Du will report to Laura Brown, head of public markets distribution, and work with David Barron, global head of index and ETFs, along with L&G’s regional channel heads. His remit includes supporting the firm’s plans to extend its ETF franchise beyond Europe into the US and other markets.

He is joining from State Street Investment Management, where he was managing director and head of intermediary client coverage for Northern Europe, France, Belgium and Luxembourg. He previously worked at Source ETF and Lyxor Asset Management.

The appointment comes as L&G is expanding its ETF business. ETF assets have passed $30 billion after rising by about 50 per cent over the past year, according to the firm. L&G manages $900 billion in index assets within its $1.6 trillion asset management business.

The firm is also preparing to launch a range of Active ETFs later this year, extending its offering beyond traditional index-tracking products.

L&G reported £1.2 trillion ($1.58 trillion) in total assets under management at the end of the first half of 2026, with about 44 per cent held internationally.

Caledonia Investments
, a London-listed investment trust, has appointed Theo Tizard as head of Caledonia Private Capital.

He is succeeding Tom Leader, who will be retiring from the role in December 2026.

Leader joined Caledonia in 2017 and took charge of the private capital business in 2021. Under his leadership the unit invested more than £400 million ($529.94 million) and realised nearly £1.1 billion, Caledonia said. The portfolio had a net asset value of £760 million at 30 September 2026.

Realisations during his tenure included two wealth management businesses, 7iM and Stonehage Fleming, along with Deep Sea Electronics, BioAgilytix and Bloom Engineering. New holdings added to the portfolio include AIR-serv Europe, Direct Tyre Management, Blue Diamond Garden Centres and Conquip Engineering Group.

Tizard also joined Caledonia in 2017. He has worked on the origination, due diligence and realisation of several deals, among them Deep Sea Electronics, AIR-serv Europe, Direct Tyre Management, Bloom Engineering and Conquip. He sits on the boards of Butcombe Group, Blue Diamond and Conquip. Before Caledonia, he spent six years in corporate finance at Houlihan Lokey and PwC.