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Legal & General Investment Management (LGIM) saw net flows of GBP3.8bn in Q1 2014 and now has assets under management (AUM) of GBP463bn, up five per cent on the same quarter last year.
LGIM’s international business received net inflows of GBP2.6bn with continued strong growth in LGIM America’s LDI and active fixed income products. International AUM now total GBP63.2bn, up 21 per cent on Q1 2013 (GBP52.4bn).
The solutions business performed strongly with AUM increasing seven per cent to GBP76.5bn (Q1 2013 GBP71.4bn). In addition, derivative notional overlays associated with this business, which also drive revenues, increased GBP5.4bn in the quarter and 17 per cent in the year, increasing to GBP165.5bn (Q1 2013: GBP140.9bn).
LGIM’s defined contribution (DC) business continued to gather momentum, with AUM increasing 11 per cent to GBP31.8bn (Q1 2013 GBP28.7bn). LGIM continues to build its UK DC proposition and invest in its capabilities in order to benefit from the expected growth in the market.
UK retail AUM continued to grow with net flows of GBP0.3bn (Q1 2013: GBP(0.3)bn). LGIM’s bolt-on acquisition of US based Global Index Advisors for up to USD50.4m, announced in February, is on track for completion in May 2014. The assets of USD15.6bn (as at FY2013) will provide the group with scale and distribution in the USD6 trillion US DC market.
Mark Zinkula, LGIM chief executive officer, says: “LGIM has made a good start to the year with net inflows of GBP3.8bn during the first quarter and total assets under management rising to GBP463 billion. Net inflows for LGIM America, in particular, were once again significant as we enjoyed continued growth in liability driven investment (LDI) and active fixed income assets. In the UK, we experienced strong demand for our LDI strategies from pension funds looking to de-risk. In the UK we are also making good progress in growing our DC and retail businesses.”
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