Merrill Lynch Investment Managers (MLIM) has hired Nigel Ridge from Legal & General Investment Management as an institutional fund manager in its MLIM UK specialist team.

Ridge joined L&G in June as one of two appointments made to bolster the firm's active equity offering. L&G is renowned as a passive manager, but wants to leverage its huge asset base to increase its profits. Fees on actively managed funds are much higher than for passive management. Ridge's departure after only a few months is a blow to its plans. It is unclear how long Ridge worked at L&G.