The new money has brought LGIM’s total assets under management up 8% on this time last year to £717bn.
The UK retail business had external net flows of £0.6bn, while UK defined contribution pension assets increased 13% to £43.3bn and assets under administration on its workplace platform increased 30% to £13.1bn.
LGIM’s year to date external net flows were up 161% on what was recorded in the first nine months of 2014 to £21.7bn. Net cash is up 14% at £943m.
“Legal & General’s scale and growing international business, coupled with strategic clarity and financial discipline, has driven a strong performance, particularly in our asset management businesses said,” said group chief executive Nigel Wilson. “LGIM’s growth both in the UK and internationally has accelerated this year. Net flows of £21.7bn include mandates from the US, China, Korea and Taiwan and exclude the £13bn of assets from the National Grid Pension Scheme transferring this month. LGIM’s AUM is £717bn, and is the 15th largest asset manager globally,” he added.
“External political and regulatory uncertainties remain, but we believe that by aligning our strategy to macro trends we have created a high degree of resilience in our business model and are well positioned for further growth,” Wilson said.
