Wed, 21/05/2014 - 10:34
Legal & General Group has completed the acquisition of Global Index Advisors (GIA) following receipt of fund shareholder approval from the USD16.0bn Wells Fargo Advantage Dow Jones Target Date Funds.
Legal & General has also received approval to advise a further USD5.5bn of GIA’s assets. This increases the assets included within the transaction to USD21.5bn and primarily accounts for the increase in assets compared to the USD15.6bn announced on 21 February 2014.
GIA was formed in 1994 to create and market index target date fund products in the US and is now a top 52 provider of these funds in the US. The target date fund market in the US is expected to double by 2017.
Legal & General has identified the international expansion of Legal & General Investment Management (LGIM) as one of its five growth themes. This acquisition will provide scale and distribution in the USD6 trillion US defined contribution (DC) market as the company builds on LGIMA’s existing liability driven investment (LDI) and active fixed income capabilities. LGIM’s proforma international assets at 31 March 2014 have increased as a result of the acquisition from USD106.8bn to USD128.3bn underlining.
The initial consideration of the transaction is USD30.75m with deferred consideration of USD1.5m payable over the period of two years from the date of completion and further payments of up to a maximum of USD18.15m payable over three years from the date of completion, subject to performance and other conditions being met.
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