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LGIM assets under management reach GBP315.1bn

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Legal & General Investment Management’s assets under management rose to GBP315.1bn at the end of 2009 from GBP264.2bn at the end of 2008.

Gross new business inflows for the year were GBP31.5bn compared with GBP30.9bn in 2008.

New business growth was particularly strong in LGIM’s liability driven investment business, driven by increased pension scheme de-risking activity. AUM in this area grew to GBP29.9bn, representing a 31 per cent increase from the previous year-end (GBP22.8bn). 

Active fixed income assets also increased significantly to GBP56.3bn from GBP44.7bn at the end of 2008.

The index business, a traditional area of strength, also delivered growth.

LGIM also had success during the year from its US office, where initial efforts to market both active fixed income and LDI products have won new clients.

Pre-tax operating profit was GBP172m, matching the result seen in 2008 (GBP172m).

Peter Chambers (pictured), chief executive officer, says: “2009 was a very challenging year for the economy as a whole, but I am pleased to say that LGIM thrived. Our focus on delivering the right set of products and consistently high quality service continues to be appreciated by existing and new clients alike. The outlook remains challenging, but I am confident that LGIM is very well positioned to continue to build on the successes of the past and that 2010 will be another strong year."

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