Mon, 11/08/2014 - 12:51
Legal & General Investment Management (LGIM) has announced strong interim results for the first half of 2014, with an operating profit of GBP159m – an increase of 5% on the previous year (H1 2013: GBP152m).
Total revenues increased 6% to GBP309m (H1 2013: GBP292m), with assets under management up 7% to GBP465bn (H1 2013: GBP433bn), benefitting from strong demand for de-risking solutions and active strategies, together with positive market returns.
Total asset net flows for the period were GBP10.4bn (H1 2013: GBP13.4bn). International asset net flows of GBP5.9bn (H1 2013: GBP7.6bn) were driven by strong fixed income and LDI flows in the US and also included LGIM’s first passive mandate in Asia. In Europe, LGIM saw the first investment into its SICAV range from the Netherlands.
In the UK, net inflows of GBP4.5bn (H1 2013: GBP5.8bn) reflected strong demand for LGIM’s solutions capabilities, with increasing net derivative overlay asset inflows. Defined benefit funds continue to de-risk, moving out of passive equity funds and transitioning into LDI, ahead of potential buy-out. As a result of this trend, LGIM experienced strong inflows and switches into its LDI and active funds.
Elsewhere, Legal & General Property (LGP) , the fourth largest institutional real estate manager in the UK, increased its AUM by 36% to GBP12.8bn (H1 2013: GBP9.4bn), driven by strong net inflows of GBP1.1bn (H1 2013: GBP0.2bn).
Mark Zinkula, LGIM Chief Executive Officer, says: “LGIM had a successful first half of the year. Our international business continues to grow rapidly, particularly in the US, which enjoyed strong flows off the back of excellent investment performance and increasing demand from defined benefit schemes for de-risking solutions. In the UK, our Solutions business also had a good six months and is well placed to capitalise on the de-risking trend. Looking ahead, we will continue to diversify our business as we expand our range of products and solutions, and grow assets in multiple channels.”
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