Citywire printed articles sponsored by:
View the article online at http://citywire.co.uk/wealth-manager/article/a714422
Low cost RDR demand drives £10bn increase in LGIM assets
by David Campbell on Nov 05, 2013 at 07:29
Legal & General Investment Management (LGIM) has credited its RDR-ready passive range and lower fund pricing as driving a £10 billion increase in total assets under management to £443 billion.
The company received net inflows of £6.4 billion over the third quarter with UK retail contributing £900 million alongside strong global demand and positive performance.
At the market open parent group Legal & General was 1.1% lower at 215p.
‘LGIM continues to see strong demand for its index, liability driven investment and active fixed capabilities. We expect this demand to continue into 2014 and beyond,’ LGIM said in a Q3 update.
‘We have recently received approval for the launch of our first Luxembourg-based Sicav as well as three underlying funds. The initial focus will be on specific European markets, providing exposure to our flagship active fixed capabilities, through wholesale and institutional channels.’
Legal & General’s platform business Cofunds also performed strongly with net inflows of £3.3 billion bringing assets under management to £58.3 billion.
Group chief executive Nigel Wilson (pictured) added: ‘LGIM, whose fees average just over 0.1% and Cofunds, whose platform fees are less than 0.3%, offer outstanding value to both institutional and retail customers.’
News sponsored by: