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LGIM reports increase in operating profit during 2008

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Legal & General Investment Management has announced that its pre-tax operating profit increased to GBP172m in 2008 from GBP147m the previous year.

Legal & General Investment Management has announced that its pre-tax operating profit increased to GBP172m in 2008 from GBP147m the previous year.

The business had gross new business inflows of GBP30.9bn in 2008.

Year-end total funds under management were GBP264.2bn, down from GBP296.6bn in 2007.

Peter Chambers, chief executive officer (pictured), says: ‘2008 was a very difficult year for the economy as a whole and especially for many fund managers. Against this complex backdrop, LGIM has thrived, both increasing profitability and expanding our client base.

‘Our core index-tracking business remains a powerful franchise, in both the institutional and retail markets. This is increasingly complemented by sales of active equity and active fixed income funds, as well as market-leading risk management solutions, such as liability driven investment mandates. We remain highly responsive to client demand and will continue to develop new solutions to help UK and overseas clients manage risk, particularly during these turbulent times.’

Chambers says that the firm’s US office, LGIM America, received SEC approval earlier this year, which allows it to bring its active fixed income and liability driven investment propositions to a wider audience.

‘Many commentators are saying that 2009 will be another tough year for the economy,’ he adds. ‘However, I believe that it will be a year of great opportunity and we are well placed to take advantage. Our approach continues to be compelling: providing the market with value for money, easily accessible, straightforward and relevant products. I am looking forward with confidence that 2009 will be another successful year.’

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