Heilingenberg will replace David North, LGMI’s previous head of asset allocation, who left at the start of this year after almost 12 years of service. While Heilingenberg will take on the responsibilities of North, LGIM will add new dimensions to the role, a spokesperson for the firm told this publication.

Heilingenberg will join LGIM later in the year from BNP Paribas Investment Partners, where he currently serves as chief investment officer for the firm’s multi-asset solutions group.

In his new role, Heilingenberg will be responsible for LGIM’s asset allocation strategy and will lead the firm’s asset allocation team of global economists, macro strategists and portfolio managers.

Legal & General Investment Management had £406 billion (around $612 billion) in assets under management at the end of 2012.