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LGIM’s UK assets under management up three per cent

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Interim 2009 results for Legal & General Investment Management show that UK assets under management have increased by three per cent since December 2008 to GBP271bn, reflecting stro

Interim 2009 results for Legal & General Investment Management show that UK assets under management have increased by three per cent since December 2008 to GBP271bn, reflecting strong net sales outstripping negative market movements.

LGIM’s gross inflows are GBP14.2bn, compared with GBP16.2bn in the first half of 2008.

Continued market volatility in 2009 has affected LGIM’s profitability, with operating profits falling by 22 per cent to GBP74m (H1 2009: GBP94m).

Peter Chambers (pictured), chief executive officer of LGIM, says: ‘I am very encouraged that we have built on our excellent 2008 full year results. Our core index-tracking business remains strong, in terms of new business and profitability. We have also generated significant sales of active fixed income funds in both retail and institutional markets, buoyed by some outstanding fund performances from our fixed income team who have taken advantage of opportunities in global credit markets.

‘As a major player in the bond and swap markets, we are providing our liability driven investment clients with holistic, customised risk management solutions. Keeping abreast of market fluctuations and applying the most appropriate strategy is particularly pertinent as difficult economic conditions continue.

‘LGIM America is now in a position to market active fixed income and LDI funds to US institutional investors. However, we want to diversify in both products and markets and will be exploring further opportunities in other international locations.

‘LGIM is a powerful active and passive investment manager, also delivering high quality client service. We are in good shape and can only reap the benefits from recent, and further, consolidation within the industry.’

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