Having acquired the Cofunds platform business in March 2013, LGIM controls £67bn of assets in the UK via the platform.
“We continue to enhance Cofunds, the biggest platform in the UK with £67bn of assets. We expect to have a Legal & General D2C proposition available around the end of the year,” the firm said.
The solution aims to complement and capitalise on the platform capabilities and efficiencies already developed with the Cofunds platform.
In the first half of the year, Legal and General Investment Management saw net inflows drop 22% to £10.4bn, compared to £13.4bn in the same period last year.
Assets under management were up 7% year on year, to £465bn from £433bn in the first half last year.
A main reason for the outflows was £5bn of assets withdrawn by three large clients in the UK, according to the company. The redemptions were made by the clients in order to manage assets in-house or to fund bulk annuity transactions.
“These are strong financial results with dividends once again growing over 20% and a return on equity of 17.6%. We continue to deliver good growth on all other key metrics. We are successfully executing our strategy connecting our five long-term macroeconomic and demographic trends to real business outcomes,” group chief executive Nigel Wilson said.
“Strong business performance across a well-diversified range of insurance, savings and investment market underpins consistent earnings quality and dividend growth and enables us to respond positively to the ever changing political and regulatory landscape.”
