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LGIM enjoys excellent growth with gross new business inflows exceeding GBP10bn in Q1 

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Legal & General Investment Management (LGIM) delivered another excellent new business result during the first quarter of 2011 with gross inflows of GBP10.5bn. This is broadly in line with the strong performance delivered in the same period last year.

Net new business was GBP2bn (Q1 2010 GBP3.3bn) and total assets under management have now increased to GBP356bn, up from GBP330bn at the end of the first quarter of 2010. Significantly, an increasing share of new business has been derived from Liability Driven Investment (LDI) mandates, where gross inflows were GBP2bn (Q1 2010 GBP0.2bn) and from overseas clients. In Q1 2011 gross fund flows of GBP2.4bn, representing 22% of total gross fund flows were from outside the UK.

Kevin Gregory (pictured), Interim Chief Executive Officer (LGIM) says: “The first quarter has been an impressive period for new business for LGIM. Our core offerings in index tracking, active fixed income and active equity continue to see strong demand from our clients. As always, this is underpinned by our dedication to client service.“I am particularly pleased by the continued progress of our LDI business which goes from strength to strength and the success achieved this quarter in international markets where we see huge expansion opportunities.”

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