Legal & General Investment Management (LGIM) secured £1.1 billion of net retail sales in Q2, topping the latest Pridham Report.
LGIM, Europe's biggest asset manager with more than £900 billion in client funds, beat rivals Blackrock and Fidelity, which both secured higher gross sales.
The report's authors noted: ‘LGIM did particularly well in the second quarter as its push to increase its distribution channels over the past two years paid off.
'It rose to the top of the net retail sales table, with an increase in net business of over 100%, taking its quarterly inflows to a record level.
'Strong sales of its tracker funds were the major contributor. Among its actively managed funds, L&G UK Property was a top seller.’
The second quarter was also marked with higher retail sales across the sector, with an average increase in flows of 11.6%.
‘Higher net sales in the second quarter reflect not only good new business flows but a lower level of redemptions compared to the first quarter indicating greater enthusiasm among investors for long term investment,’ the report said.
Royal London Asset Management and Jupiter also saw sharp rises in their net sales, coming in sixth and eighth in net sales, respectively.
The report put Royal London’s successful quarter down to: ‘significantly increasing its presence in the intermediary market this year and has seen growing support for its bond products, such as its short term bond fund Cash Plus.’
The Pridham Report covering 2017's second quarter ranked asset managers, by net retail sales, as follows:
Legal & General Investment Management: £1.09 billion
BlackRock: £1.07 billion
Old Mutual Global Investors: £723 million
Fundsmith: £613 million
Woodford Investors: £550 million
Royal London: £485.5 million
Baillie Gifford: £421.2 million
Jupiter: £295.9 million
Schroders: £282.4 million
Hargreaves Lansdown: £241 million