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LGIM launches European wholesale capability

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Legal & General Investment Management (LGIM) plans to make its investment expertise across a broad range of asset classes available to the European wholesale market. 

The move aims to capitalise on the growing demand for LGIM’s institutional investment capabilities.
 
LGIM is the UK’s largest institutional asset manager with EUR505bn in assets under management and also ranks second in Europe among institutional asset managers.
 
Mike Craston, head of LGIM’s global institutional business, says the investment manager had received approval from Luxembourg’s financial regulator Commission de Surveillance du Secteur Financier (CSSF) for its first SICAV as well as three underlying funds.
 
An application for five further funds has been filed with the CSSF and approval is expected before year-end. Work is underway to register the funds initially in 12 further European countries, allowing investors in key markets in Europe to also access these strategies.
 
LGIM will target specific European markets with a two-pronged approach aimed at wholesale and institutional markets.
 
“Initially we will be focusing on European investors seeking exposure to our flagship active fixed income capabilities,” Craston says. “There has been significant interest from global financial institutions in the UK, Germany and Switzerland and pension funds in the Nordics region wanting to gain access to our active credit and absolute return type strategies, which are already successfully marketed to institutional clients in the UK.”
 
With on-the-ground distribution capabilities currently in place in the Netherlands, France, Ireland, Germany and the Nordics, it is anticipated that further appointments will be announced in the course of 2014.  Further details of LGIM’s European expansion plans will be shared at that time.
 
“These are very mature, diverse and well-developed markets. Our expansion plans will be focused, targeting global and regional banks, where we are looking to add our products to their platforms, and additionally the institutional market.
 
”We are one of the fastest growing international asset managers with the reputation and strength of the Legal & General brand behind us. Building on the existing strong UK franchise, I am confident that the launch of our SICAV will drive the growth of LGIM’s international business and will further enhance our ability to help our clients meet their long-term objectives,” Craston says. 

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